INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2020 During the fiscal year ended December 31, 2020, the following transactions occurred 1. A business donated rent-free office space to the organization that would normally rent for $35,000 a year. 2. A fund drive raised $185,000 in cash and $100,000 in pledges that will be paid within one year. A state 3. Salaries and fringe benefits paid during the year amounted to $208,560. At year-end, an additional $16,000 of 4. A donor pledged $100,000 for construction of a new building, payable over five fiscal years, commencing in 5. Office equipment was purchased for $12,000. The useful life of the equipment is estimated to be five years government grant of $150,000 was received for program operating costs related to public health education salaries and fringe benefits were accrued 2022. The discounted value of the pledge is expected to be $94,260 Office furniture with a fair value of $9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered net assets without donor restrictions by INVOLVE 6. Telephone expense for the year was $5,200, printing and postage expense was $12,000 for the year, utilities 7. Volunteers contributed $15,000 of time to help with answering the phones, mailing materials, and various 8. It is estimated that 90 percent of the pledges made for the 2021 year will be collected. Depreciation expense 9. All expenses were allocated to program services and support services in the following percentages: public for the year were $8,300, and supplies expense was $4,300 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,600 other clerical activities s recorded for the full year on the assets recorded in item 5 health education, 35 percent; community service, 30 percent; management and general, 20 percent, and fund-raising, 15 percent. 10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes 11. All nominal accounts were closed to the appropriate net asset accounts