PLEASE ANSWER ALL QUESTIONS PROBLEM 1 HELP 4 Kids was formed as a not for profit organization on January 1, 2020 During the fiscal year ended December 31, 2020, the following transactions occurred Please record the following transactions A business donated rent free office space to the organization that would normally rent for $17,000 a year A fund drive raised $90,000 in cash and $50,000 in pledges that will be paid within one year A state government grant of $75,000 was received in cash The which is restricted for a specific education program related to public health education Salaries and fringe benefits paid during the year amounted to $104,280 A donor pledged $50,000 for construction of a new building, payable over five fiscal years, commencing in 2022 The discounted value of the pledge is expected to be $47,130 Office equipment was purchased for $6,000 Office furniture with a fair value of $4,800 was donated by a local office supply company Furniture and equipment are considered net assets without donor restrictions Telephone expense for the year was $2,600, printing and postage expense was $8,000 for the year, utilities for the year were $4,150, and supplies expense was $2,275 for the year Volunteers contributed $7,500 of time to help with answering the phones, mailing materials, and various other clerical activities It is estimated that $5,000 of the pledges made for the 2021 year will not be collected Net assets in the amount of $75,000 were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes

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PLEASE ANSWER ALL QUESTIONS PROBLEM 1: HELP 4 Kids was formed as a not-for-profit organization on January 1, 2020. During the fiscal year ended December

***PLEASE ANSWER ALL QUESTIONS***

PROBLEM 1:

HELP 4 Kids was formed as a not-for-profit organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. Please record the following transactions.

A business donated rent-free office space to the organization that would normally rent for $17,000 a year.

A fund drive raised $90,000 in cash and $50,000 in pledges that will be paid within one year.

A state government grant of $75,000 was received in cash. The which is restricted for a specific education program related to public health education.

Salaries and fringe benefits paid during the year amounted to $104,280

A donor pledged $50,000 for construction of a new building, payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be $47,130.

Office equipment was purchased for $6,000. Office furniture with a fair value of $4,800 was donated by a local office supply company. Furniture and equipment are considered net assets without donor restrictions.

Telephone expense for the year was $2,600, printing and postage expense was $8,000 for the year, utilities for the year were $4,150, and supplies expense was $2,275 for the year.

Volunteers contributed $7,500 of time to help with answering the phones, mailing materials, and various other clerical activities.

It is estimated that $5,000 of the pledges made for the 2021 year will not be collected.

Net assets in the amount of $75,000 were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes.