Journal & statement financial position for fund accounting

Hogwarths University, a private university, has reported their financial condition through the following statement of financial position for the year ended December 31, 2019 as presented below. Hogwarths University Statement of Financial Position December 31, 2019 (in thousands) $ 234,500 79,250 1,750 3,500 304,400 81,420 $_704,820 ASSETS Cash Tuition and fees receivable (net of doubtful accounts of $4,200) Pledges receivable Prepaid assets Property, plant, and equipment (net of accumulated depreciation of $135,800) Investments (at fair value, cost of $77,450) TOTAL ASSETS LIABILITIES AND NET ASSETS Liabilities: Accounts payable and accrued liabilities Deposits held in custody for others Unearned revenues Total liabilities Net assets: Unrestricted $ 235,700 Temporarily restricted Permanently restricted 236,185 Total net assets TOTAL LIABILITIES AND NET ASSETS $ 84,750 8,250 38,435 131,435 573,385 $ 704,820 These are transactions information in 2020, which are to be ended in December 31, 2020. 1. During the year, charges for tuition and fees were $524,000. 2. Received cash contributions of $7,000 (unrestricted), contributions of endowments (permanent) of $2,000, together with pledges to be collected in 2020 of $5,000 Test #1 - Fund Accounting Chapter 15 - Clara Massie, MBA 3. Returned net deposits to students for students housing totaled $2,500. 4. Expenses were incurred for: Instructional (incl. tuition waivers $8,500) $74,000 Academic support 34,500 Student services 38,700 Institutional support 28,800 Related to those expenses: prepaid assets of $700 were used, $21,000 of the expenses were accrued, and the remaining expenses were paid in cash. 5. Collection on tuition and fees receivable totaled $545,000 6. Accounts payable and accrued liabilities of $28,500 was paid. 7. Adjusting entries for the period: Depreciation expense $24,800 (60% to instruction and 40% to academic support) Increase in fair value of investment of $6,500 ($1,500 related to temporarily restricted net assets, $2,000 to permanently restricted net assets, and the remainder was related to unrestricted net assets) 8. Closing all nominal accounts. Requirements: 1. Record all the journal entries. 2. Prepare a statement of financial position for the year ended December 31, 2020