Needing help with number M, 11b,

3 15 points Mc Graw Hill Required information [The following information applies to the questions displayed below.] INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31, 2023, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $35,200 a year. 2. A fund drive raised $186,000 in cash and $102,000 in pledges that will be paid next year. A state government grant of $152,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $208,760. At year-end, an additional $16,200 of salaries and fringe benefits were accrued. 4. A donor pledged $102,000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $94,460. 5. Office equipment was purchased for $12,200. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $9,800 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 $5,400, printing and postage expense was $12.200 for the year, utilities for the year were $8,500 and supplies expense was $4,500 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,800. 7. Volunteers contributed $15,200 of time to help with answering the phones, mailling materials, and various other clerical activities. 8. It is estimated that 90 percent of the pledges made for the 2024 year will be collected. Depreciation expense recorded for the full year on the assets recorded in Item 5. 9. All expenses 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. Required a. Prepare journal entries to record these transactions. Expense transactions should be initially recorded by object classification; In entry 9, expenses will be allocated to functions. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Round the intermediate and final answers to the nearest dollar amount.) 3 15 points Required information K L M N 0 10 11(a) 11(b) 11(c) 11(d) Telephone Expense Printing and Postage Expense Utilities Expense Supplies Expense Provision for Uncollectible Pledges Depreciation Expense Contributions-Without Donor Restrictions Net Assets Without Donor Restrictions Public Health Education Program Community Service Program Management and General Fund-Raising Net Assets Released-Satisfaction of Purpose Restriction-With Dono Net Assets Released-Satisfaction of Purpose Restriction-Without Contributions-With Donor Restrictions-Program Net Assets With Donor Restrictions 333 ****** Net Assets With Donor Restrictions Net Assets Released-Satisfaction of Purpose Restriction-With Do Net Assets Released-Satisfaction of Purpose Restriction-Without Do Net Assets Without Donor Restrictions MED SAL 106,533 231,000 73,380 106,533 106,533 5,400 12,200 8,500 4,500 10,200 3,420 106,533 106,533 91,314 60,876 45,657 106,533 106,533