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Preparation of not-for-profit journal entries and financial statements essons and possible careers as commercial airline pilots. At the end of last year, Wings reported the
Preparation of not-for-profit journal entries and financial statements essons and possible careers as commercial airline pilots. At the end of last year, Wings reported the following trial balance: At year-end, the investments are allocated as follows: These investments earn a 5% cash return during the following year. During the following year, Wings received $2,800,000 of unrestricted donations and $325,000 of donations whose use is restricted by donors as to use. All contributions are on account when made. contributions receivable and paid $2,900,000 of accounts payable. a. Prepare journal entries for the organization's financial activities during the year. b. Prepare the year-end statement of activities and statement of financial position. Note: Use a negative sign with your answer to indicate a decrease in net assets or release of net assets from restriction
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