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1A) Please answer the following questions 1a, 1b and 1c using this case below.

Childcare Centre is an NFPO funded by government grants and private donations. It was established on January 1, Year 5, to provide counselling services and a drop-in centre for single parents.

On January 1, Year 5, the centre leased an old warehouse in the central part of Toronto for $1,300 per month. It carried out minor renovations in the warehouse to create a large open area for use as a play area for children and three offices for use by the executive director and counsellors. The lease runs from January 1, Year 5, to June 30, Year 7. By that time, the centre hopes to move into new quarters that are more suitable for the activities carried out.

The following schedule summarizes the cash flows for the year ended December 31, Year 5:

Cash inflows:
Government grant for operating costs (Note 1)	$	39,000
Donations from individuals with no restrictions		47,000
Donations from individuals for rent of warehouse for 2 years		39,000
Donations from individuals for purchase of land (Note 3)		45,240
		170,240
Cash outflows:
Renovations of warehouse		36,000
Salary of executive director (Note 4)		19,800
Fees paid to counsellors (Note 4)		18,000
Rent paid for 2 years		39,000
Other operating expenses		19,500
		132,300
Cash, end of year	$	37,940

Additional Information

1. The provincial government agreed to provide an operating grant of $39,000 per year. In addition, the government has pledged to match contributions collected by the centre for the purchase of land for construction of a new complex for the centre. The maximum contribution by the government toward the purchase of land is $78,000.
2. The centre has signed an agreement to purchase a property in the downtown area of Toronto for $175,500. There is an old house on the property, which is currently used as a rooming house. The closing date is any time between July 1, Year 6, and December 31, Year 6. The centre plans to demolish the existing house and build a new complex.
3. The centre has recently commenced a fundraising program to raise funds to purchase the land and construct a new building. So far, $45,240 has been raised from individuals toward the purchase of the land. In the new year, the centre will focus its efforts to solicit donations from businesses in the area. The provincial government will advance the funds promised under its pledge on the closing date for the purchase of the property.
4. All the people working for the centre are volunteers except for the executive director and the counsellors. The executive director receives a salary of $21,600 a year, while the counsellors bill the centre for professional services rendered based on the number of hours they work at the centre. The director has not yet received her salary for the month of December. One of the counsellors received an advance of $800 in December, Year 5, for work to be performed in January, Year 6.
5. The centre wishes to use the deferral method of accounting for contributions and to segregate its net assets between restricted and unrestricted. It capitalizes the cost of capital assets and amortizes the capital assets over their useful lives.

1(a) What would be the correct journal entry to record for the pledge, if applicable

1.

Pledge receivable 78,000

Net assets restricted for land purchase 78,000

2.

Pledge receivable 39,000

Net assets restricted for land purchase 39,000

3.

Pledge receivable 45,240

Net assets restricted for land purchase 45,240

4.

Pledge receivable 90,480

Net assets restricted for land purchase 90,480

1B) Please refer to case 1a and Prepare a statement of operations for the Childcare Centre for the year ended December 31, Year 5.

1C) Refer to case 1a and provide what items and how much would you report under net assets?

	1.	Restricted - Contributions for purchase of land $90,480 Restricted - Pledge for purchase of land 90,480 Unrestricted - Excess of revenues over expenses (31,940)
	2.	Restricted - Contributions for purchase of land $90,480 Restricted - Pledge for purchase of land 90,480 Restricted - Excess of revenues over expenses (31,940)
	3.	Restricted - Contributions for purchase of land $39,000 Restricted - Pledge for purchase of land 39,000 Unrestricted - Excess of revenues over expenses 19,540
	4.	Restricted - Contributions for purchase of land $45,240 Restricted - Pledge for purchase of land 45,240 Unrestricted - Excess of revenues over expenses 13,300