Prepare journal entries based on the provided information.

Preparation of not-for-profit journal entries and financial statements Music and Math Camp, Inc. is a not-for-profit organization dedicated to the development of music skills in kids through weekend and summer camp experiences. Research shows that learning to read music and play an instrument helps the brain work with the body leading to stronger memory and math skills. The organization reported the following post-closing trial balance at the end of last year: The organization reported a cash investment return of 5% during the subsequent year, and the investments are allocated as follows: In addition to the recognition of investment returns, the organization reported the following revenues and expenses, all on account: Of the total expenses, $156,000 relate to uses that are paid from net assets with donor restrictions in accordance with the stipulations of the donors and are, therefore, released from restriction. During the year, the organization collected $2,340,000 of receivables and paid $2,262,000 of accounts payable. In addition, it purchased long-term assets for cash in the amount of $101,400 and recognized depreciation expense of $70,200 (of which 90% relates to program expenses and 10% relates to support expenses). The organization also purchased additional investments with excess cash in the amount of $93,600 and repaid $89,700 principal amount of long-term debt. 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. Preparation of not-for-profit journal entries and financial statements Music and Math Camp, Inc. is a not-for-profit organization dedicated to the development of music skills in kids through weekend and summer camp experiences. Research shows that learning to read music and play an instrument helps the brain work with the body leading to stronger memory and math skills. The organization reported the following post-closing trial balance at the end of last year: The organization reported a cash investment return of 5% during the subsequent year, and the investments are allocated as follows: In addition to the recognition of investment returns, the organization reported the following revenues and expenses, all on account: Of the total expenses, $156,000 relate to uses that are paid from net assets with donor restrictions in accordance with the stipulations of the donors and are, therefore, released from restriction. During the year, the organization collected $2,340,000 of receivables and paid $2,262,000 of accounts payable. In addition, it purchased long-term assets for cash in the amount of $101,400 and recognized depreciation expense of $70,200 (of which 90% relates to program expenses and 10% relates to support expenses). The organization also purchased additional investments with excess cash in the amount of $93,600 and repaid $89,700 principal amount of long-term debt. 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