Prepare journal entries to record the transactions. 1. Donor A gave the nonprofit a cash gift of $56,500 in June, telling the nonprofit the gift could not be used until the next fiscal year. (Identify the affected net asset classification(s) in the journal entries made both in the current fiscal year and the next fiscal year.) 2. Attorney Howard Gorman volunteered his services to Taconic Singers, a nonprofit. He spent 12 hours preparing contracts for the services of professional singers and 8 hours serving as an usher before performances. Gorman normally gets $226 an hour for legal services, and Taconic normally pays $8 an hour when it hires ushers. 3. Donor B sent a letter to a nonprofit, saying she would donate $22,600 in cash to the nonprofit, to be used for any purpose the nonprofit's trustees desired, provided the nonprofit raised an equal amount of cash from other donors. 4. Regarding the previous transaction, the nonprofit raised $25,990 in cash from other donors and then notified Donor B of its success in meeting her condition for the gift. 5. Donor C donates to a local museum a work of art having a fair value of $5,650, with the understanding that the museum will sell it at auction and use the funds for its general activities. 6. Donor D advises a university that he has established an irrevocable charitable remainder trust, administered by his attorney, whereby his wife will receive income from the trust as long as she lives. At her death, the remaining trust assets will be distributed to the university as a permanent endowment. The university's actuary estimates the fair value of the university's beneficial interest to be $452,000 7. As of December 31, the fair value of investments held in perpetuity by a nonprofit had increased by $33,900 Note: If no journal entry is necessary, select the no entry required - debit and no entry required - credit for the account names and record zero for the debit and credit amounts. 1 Cash To record the time restricted gift Journal entry To reclass donor restriction as the time restriction has been satisfied. Administrative expenses Allowance for uncollectible contributions Art works held for sale Cash Construction Work-in-Progress 4 Contribution revenue - Art without donor restrictions Contribution revenue - Support with donor restrictions Contribution revenue - Support with time restrictions Contribution revenue - Support without donor restrictions Contributions receivable Contributions receivable - Charitable remainder trust Donated services - Support without donor restrictions Investment income - Support without donor restrictions Investments Debit Credit 56500 0 0 56500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net assets with donor restrictions - Reclassifications out - Satisfaction of plant acquisition restrictions Net assets with donor restrictions - Reclassifications out - Satisfaction of time restrictions 0 0 Net assets without donor restrictions - Reclassifications in - Satisfaction of plant acquisition restrictions 0 0 Net assets without donor restrictions - Reclassifications in - Satisfaction of time restrictions Unrealized and realized gains and losses on investments with donor restrictions 0 0 +