Questions 19-24 are based on the following; A private not-for-profit organization is working to create a cure fora deadly disease. Included in the organization's temporarily restricted net assets are $3,000,000 for the purchase of equipment, $2,000,000 for operating expenses and $900,000 received in 2013 which was could be used evenly throughout the three year period 2016-2018. During the year 2016, the organization has the following transactions: Unrestricted cash gifts of $1,000,000 are received. The board released $700,000 of internally restricted funds. 2 1. A donation of $800,000 with the stipulation that all the money be used for research. 3. An administrator donated her services for management. The fair value of the services was $100,000. The services would not have been purchased if they were not donated. In addition professional services by an advertising agency in connection with a critical fund raising campaign-$40,000 were donated. 4. Equipment is bought for $800,000 which came from restricted funds. The equipment is used 70 percent for research purposes and 30 percent for management and general expenses .The depreciation for the year was $100,000. 5. Operating expenses related to research were incurred of $300,000. The money came from restricted funds, 6. Received an endowment of $700,000. Income on the endowment was designated for research. Investment income was $80,000 . In addition, received a term endowment for $1,000,000. The principal must be maintained until January 1, 2019. Income is to be used for the education program. No income was earned in the current year. 7. An unrestricted pledge of $700,000 that will be collected in three years is received. The organization expects to collect the entire amount. Present value of the pledge is $560,000. Interest of $40,000 is then recognized in the year. In addition, unrestricted pledges of $900,000 were made. The pledges were under the condition that the organization could raise $900,000 on their own. 8. Salaries of $1,000,000 are paid with $400,000 coming from restricted funds. Of the total salaries 50 percent is for administrative personnel with the remainder divided equally between individuals working on research to cure the designated disease and individuals employed for fund-raising. Required: Compute the amounts requested and enter your answer on the examination answer sheet Items 19-24 relate to items appearing on the statement of activities for year ended 12/31/16. 19.Amount of unrestricted contributions 20. Amount of temporarily restricted contributions 21. Amount of permanently restricted contributions 22. Amount of net assets released from restrictions 23 Amount of program expense 24.Amount of supporting service expense Questions 19-24 are based on the following; A private not-for-profit organization is working to create a cure fora deadly disease. Included in the organization's temporarily restricted net assets are $3,000,000 for the purchase of equipment, $2,000,000 for operating expenses and $900,000 received in 2013 which was could be used evenly throughout the three year period 2016-2018. During the year 2016, the organization has the following transactions: Unrestricted cash gifts of $1,000,000 are received. The board released $700,000 of internally restricted funds. 2 1. A donation of $800,000 with the stipulation that all the money be used for research. 3. An administrator donated her services for management. The fair value of the services was $100,000. The services would not have been purchased if they were not donated. In addition professional services by an advertising agency in connection with a critical fund raising campaign-$40,000 were donated. 4. Equipment is bought for $800,000 which came from restricted funds. The equipment is used 70 percent for research purposes and 30 percent for management and general expenses .The depreciation for the year was $100,000. 5. Operating expenses related to research were incurred of $300,000. The money came from restricted funds, 6. Received an endowment of $700,000. Income on the endowment was designated for research. Investment income was $80,000 . In addition, received a term endowment for $1,000,000. The principal must be maintained until January 1, 2019. Income is to be used for the education program. No income was earned in the current year. 7. An unrestricted pledge of $700,000 that will be collected in three years is received. The organization expects to collect the entire amount. Present value of the pledge is $560,000. Interest of $40,000 is then recognized in the year. In addition, unrestricted pledges of $900,000 were made. The pledges were under the condition that the organization could raise $900,000 on their own. 8. Salaries of $1,000,000 are paid with $400,000 coming from restricted funds. Of the total salaries 50 percent is for administrative personnel with the remainder divided equally between individuals working on research to cure the designated disease and individuals employed for fund-raising. Required: Compute the amounts requested and enter your answer on the examination answer sheet Items 19-24 relate to items appearing on the statement of activities for year ended 12/31/16. 19.Amount of unrestricted contributions 20. Amount of temporarily restricted contributions 21. Amount of permanently restricted contributions 22. Amount of net assets released from restrictions 23 Amount of program expense 24.Amount of supporting service expense