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1517. Private College Transactions. (LOIS-4 .) Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. STEIN'ER COLLEGE Statement of Financial Position June 30, 2019 (amounts in thousands) Assets Cash and cash equivalents $ 734 Short-term investments 7,666 Tuition and fees receivable (net of doubtful accounts of $12) 230 Pledges receivable (net of doubtful accounts of $280) 5,872 Prepaid assets 1,364 Property, plant, and equipment (net of accumulated depreciation of $104,240) 281,404 Investments (at fair value, cost of $162,000} , Total assets $455,670 Liabilities and Net Assets Li abilities: Accounts payable and accrued liabilities $ 21,130 Deposits held in custody for others 700 Unearned revenue 900 Bonds payable , Total liabilities 121,730 Net As sets: Without donor restrictions $104,000 With donor restrictions , Total net assets , Total liabilities and net assets $455,670 The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020. W 1. During the year, charges for tuition and fees were $244,500; scholarships were $16,300; and tuition waivers for scholastic achievement were $5,100. After payment was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued. 2. The college received cash contributions without donor restrictions of $2,080, pledges to be collected in 2021 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were unrestricted. 3. Collections on Tuition and Fees Receivable totaled $222,600. 4. Net deposits returned to students totaled $10. 5. Expenses were incurred for Instruction $86,100 Academic support 23,300 Student services 37,700 Institutional support 28,500 Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,320 in net assets with donor restrictions. 6. The ending balance in Accounts Payable and Accrued Liabilities was $1,935. 7. Investment earnings received for the period were $3,960, of which $2,020 was donor restricted for scholarships. 8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of $26,400 {charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,200 ($790 was related to investments restricted for scholarships, $1,610 was related to the permanent endowment, the remainder was related to net assets without donor restrictions}. 9. Nominal accounts were closed. Required .21. Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2020. .6. Prepare a statement of activities for the year ended June 30, 2020. c. Prepare a statement of financial position for the year ended June 30, 2020