INVOLVE was incorporated as a not for profit voluntary health and welfare organization on January 1, 2017 During the fiscal year ended December 31, 2017, the following transactions occurred 1 A business donated rent free office space to the organization that would normally rent for $36,800 a year 2 A fund drive raised $194,000 in cash and $118,000 in pledges that will be paid within one year A state government grant of $168,000 was received for program operating cost related to public health education 3 Salaries and fringe benefits paid during the year amounted to $210,360 At year end, an additional $17,800 of salaries and fringe benefits were accrued 4 A donor pledged $118,000 for construction of a new building, payable over five fiscal years, commencing in 2019 The discounted value of the pledge is expected to be $96,060 5 Office equipment was purchased for $13,800 The useful life of the equipment is estimated to be 5 years Office furniture with a fair value of $11,400 was donated by a local office supply company The furniture has an estimated useful life of 10 years Furniture and equipment are considered unrestricted net assets by INVOLVE 6 Telephone expense for the year was $7,000, printing and postage expense was $13,800 for the year, utilities for the year were $10,100 and supplies expense was $6,100 for the year At year end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $5,400 7 Volunteers contributed $16,800 of time to help with answering the phones, mailing materials, and various other clerical activities 8 It is estimated that 90 percent of the pledges made for the 2018 year will be collected Depreciation expense is recorded for the full year on the assets recorded in item 5 9 Salaries and wages, and other expenses (except for the provision for uncollectible accounts which is allocated 100 percent to fund raising) were allocated to program services and support services in the following percentages public 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 Question Prepare a statement of financial position for the year ended December 31, 2017 (Round the intermediate and final answers to the nearest dollar amount ) Involve Statement of Financial Position December 31, 2017 Assets Total Assets Liabilities Total Liabilities Net Assets Total Net Assets Total Liabilities and Net Assets

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INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2017. During the fiscal year ended December 31, 2017, the following

INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2017. During the fiscal year ended December 31, 2017, the following transactions occurred.

1.	A business donated rent-free office space to the organization that would normally rent for $36,800 a year.
2.	A fund drive raised $194,000 in cash and $118,000 in pledges that will be paid within one year. A state government grant of $168,000 was received for program operating cost related to public health education.
3.	Salaries and fringe benefits paid during the year amounted to $210,360. At year-end, an additional $17,800 of salaries and fringe benefits were accrued.
4.	A donor pledged $118,000 for construction of a new building, payable over five fiscal years, commencing in 2019. The discounted value of the pledge is expected to be $96,060.
5.	Office equipment was purchased for $13,800. The useful life of the equipment is estimated to be 5 years. Office furniture with a fair value of $11,400 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered unrestricted net assets by INVOLVE.
6.	Telephone expense for the year was $7,000, printing and postage expense was $13,800 for the year, utilities for the year were $10,100 and supplies expense was $6,100 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $5,400.
7.	Volunteers contributed $16,800 of time to help with answering the phones, mailing materials, and various other clerical activities.
8.	It is estimated that 90 percent of the pledges made for the 2018 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5.
9.	Salaries and wages, and other expenses (except for the provision for uncollectible accounts which is allocated 100 percent to fund-raising) were allocated to program services and support services in the following percentages: public 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.

Question

Prepare a statement of financial position for the year ended December 31, 2017. (Round the intermediate and final answers to the nearest dollar amount.)

Involve

Statement of Financial Position

December 31, 2017

Assets

Total Assets

Liabilities

Total Liabilities

Net Assets

Total Net Assets

Total Liabilities and Net Assets