PART III (10 questions, 6 points each) 1) During the year a not-for-profit organization recorded the following transactions: . . . $20,000 of temporarily restricted net assets recorded last year were reclassified as unrestricted due to the expiration of the time restriction $55,000 of unrestricted contributions were received, of which $20,000 was received in cash during the year $12,000 of contributions were received in the form of equity securities with the restriction that the contribution was for the endowment $35,000 of program expenses and $5,000 of supporting services expenses were incurred during the period $40,000 of contributions were received with the restriction that the contribution be used for a specific program, by the end of the year none of the funds had been used in the program . Based on the above information, which of the following is not correct: A) Temporarily restricted contributions for the year were $40,000 B) Permanently restricted contributions were $12,000 C) Total net assets increased by $67,000 D) Net assets released from restriction totaled $20,000 E) Unrestricted net assets increased by $75,000