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Question #3 (22 marks). Refer to Question #2. Assume instead that Good Charity prepares its annual financial statements using the restricted fund method of
Question #3 (22 marks). Refer to Question #2. Assume instead that Good Charity prepares its annual financial statements using the restricted fund method of accounting for contributions and has chosen to have a general, capital and endowment fund to account for its activities. Required: 1) Prepare all related journal entries for the transactions above for Good Charity for 2020. 2) Prepare the following statements for Good Charity based on the above: i) The statement of operations & changes in fund balances for the year ended December 31, 2020. ii) The statement of financial position at December 31, 2020.
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