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The Watson Foundation, a private not-for;proft entity, starts 2020 with cash of $100,000, cortibutions receivable ine 3 of $200,000. investments of 5300.000 and tand, bulldings, and equigment (net) of $200.000. Net assets without donot restrictions were reparted as 5400,000 , the same Gqute as the net assets with donor restrictions. Of the restricted net assets. $300,000 wss purpose restricted whereas the other $100,000 had to be heid permenently, elthough the subsequently earned income is without restriction. Fifty percent of the purnose restricted net assets had to be used to help pay fot a new builing. The remainder was festricted to the payment of officer salaries. Donors made no stipulations about the eventual reporting of buldings and other long-lived assets when acquited. Watson has one program service fhealth care) and two supporting services thundraising and administrativel. During the current year, Wotson Foundatian has the following transactions. 1. Computed interest of $20,000 on the unrestricted contribution receivabie. 2. Recolved cash of $100,000 fre intributions recelvable and wrote off another $4,000 as uncolinctible. 3. Received untestricted cash dor. of $180,000. 4. Received $23,000 in cash that mist be spent for a particular type of office machine within the noxa year of the money must bo teturned. 5. Paid salaries of $90,000. Of that amount, $28.000 eame from restricted funds. The poymsent was mode to individuals doing hesth core work 6. Spent the $23,000 in (4) for the appropriase office machine. 7. Rocelved a cash g it of $12.000 that Watson must convey to another specited chanty, However. Watson has the right to give this money to a different organization if officials so choose. 8. Alought a bulding for $500.000 by signing pi ining-term note for $450,000 and using restricted funds for the remainder. 9. Collected annual membership dues of 330 ididuals receive substantial benefits from their membershigs. By the end of the yeac, two-thiras of the time for the averoge membership has passed. 10. Received unrestricted income of $53.000 generated by net assets that must be hold peem anently. 11. The board of directors of the Watson Foundation wote to set aside $9,000 of its investments for emergency purposes. 12. Paid rent of $12.000 for the past month, advortising of $15.000, and utices of $16.000. These were half for the program service and one-fourth each for the two supporting services. 13. Received an unrestricted pledge of $200,000. Watson wis collect the maney in five years and does not expect any part to be ancolectbie. Present value at inception is $149,000, but interest tor the year to dase is $6,000. 14: Computed depreciation of $40,000,60 percens for health care, 30 percent for administrative, and 10 percent for fundrasing. 15. Paid $15,000 in interest on the note signed in (8). All of this cost is assumed to be related to health care Required: a. Prepare a statement of activities for the Watson Foundation for this year. (Negathe amounts should be indicated by a minus sign.) *. Prepaie a stamentent of acintes for the Wotson Foundaion for this yeme (Negative amounts should be indicated by a minus sign. ==1 b. Piepare a stmement of flaancial position for the Watson foundation at the end of this year, (Negative amounts should be indicated by o miniss sign, The Watson Foundation, a private not-for-protit entity, starts 2020 with cash of $100,000, contributions receivable (net) of $200,000, investments of $300,000, and land, bulidings, and equipment (net) of $200,000. Net assets without donor restrictions were reported as $400,000, the same figure as the net assets with donor restrictions. Of the restricted net assets, $300,000 was purpose restricted whereas the other $100,000 had to be held permanently, although the subsequently eorned income is without restriction. Fifty percent at the purpose restricted net assets had to be used to help pay for a new building. The remainder was restricted to the payment of r salaries. Donors made no stipulations about the eventual reporting of bullings and other long-tived assets when acquired. Watson has one program service (health care) and two supporting services (fundraising and administrative). During the current year, Watson Foundation has the following transactions. 1. Computed interest of $20.000 on the unrestricted contribution receivable. 2. Received cash of $100,000 from the contributions receivable and wrote off another $4,000 as uncollectible. 3. Recelved unrestricted cash donations of $180,000. 4. Recelved $23.000 in cash that must be spent for a particular type of office machine within the next year or the money must be returned. 5. Paid salaries of $90,000, Of that amount, $28,000 came from restricted funds. The payment was made to individuals daing health care work 6. Spent the $23,000 in (4) for the appropriate office machine. 7. Recelved a cash gitt of $12,000 that Watson must convey to another specifled charity. However, Watson has the right to give this money to a different organization if officials so choose. 8. Bought a building for $500,000 by signing a long-term note for $450.000 and using restricted funds for the remainder. 9. Collected annual membership dues of $30.000. Individuals recelve substantial benefits from their memberships. By the end of the year, two-thirds of the time for the average membership has passed. 10. Recelved unrestricted income of $53,000 generated by net assets that must be heid permanently. 11. The board of directors of the Watson Foundation vote to set aside $9,000 of its investments for emergency purposes. 12. Paid rent of $12,000 for the past month, advertising of $15,000, and utilties of $16,000. These were half for the program service and one-fourth each for the two supporting services. 13. Recelved an unrestricted pledge of $200.000. Watson will collect the money in flve years and does not expect any part to be uncolectible, Present value at inception is $149.000, but interest for the year to date is $6,000. 14. Computed depreciation of $40,000,60 percent for health care, 30 percent for administrative, and 10 percent for fundraising. 15. Paid $15,000 in interest on the note signed in (8). All of this cost is assumed to be related to health care. Required: a. Prepare a statement of activities for the Watson Foundation for this yeac. (Negative amounts should be indicated by a minus sign.) a. Prepare a statement of activities for the Watson Foundation for this year. (Negative amounts should be indicated by a minus sign.) by a minus sign.)