re are Decker youre d would like to give back to the Tves to the o n . Your how they for the pe h and have seen to replace there . Y es t he price with her the con ponded to the Cheder mber 31, 2018 audit in the news from the To w n that the clase every v artes) to method except for p eyecer The er The O tom wishes to contine pengetested in Swishes to Oration has conting policy of capital and m ig capital anseparately. The organization as its capital a straight line. Opening trial balance (anuary 1, 2019): Pledres Receivable 500.000 60.000 salon 165.000 43.000 23.000 Gran Receivable Land & Aulang Fumiture and machinery Accumulated Amortization 3,027,000 122,000 Linoties Accounts Payable Lemn Payable Accrued Liabilities Deffered contributions - Vega Fit Deffered contributions - Vera-Food Deffered contributions - Vera-Juice 15,000 650,000 290,000 65,000 1,114,000 Fund Balances invested in Capital Assets Endowment Unrestricted 864.000 230.000 819,000 1,913,000 You obtain a box full of invoices and access to a network where the administrative assistant stores all the bank statements and other relevant supporting documents for transactions that have occurred during the year. You discover the following transactions for the 2019-year: 1) Veganist corp. gives an endowment of $100,000 in April. They gave instructions that this cash should be invested in money market funds (investment account). Any investment income earned can be used to pay for expenses of the Vega-Fit program. Investment income relating to this endowment was $15,000 for the year. wel of land is donated by the City to Vegan Life. The land has a 000. The building has a fair market value of S150.000, an estimate 2) A building and a parcel of lan market value of $50,000. The buil life of 30 years with no residual value. 3) VegaForce helps organized operations of the current year. No cas received. Per reliable historical exper collected. At the end of 2019, a notice contributor from last year are no longe Organized a fundraiser in March to raise money to fund general he current year. No cash was collected to piedees of $100.000 were reliable historical experience only 60s of these pledges are usually no he end of 2019, a notice is received by Vegan Life is states that some of the om last year are no longer fulfilling their pledee They represented Se of the Biance of pledge receivable that existed as of January 1, 2019. Cash of $200.000 was received on April for the purchase of a farm that w 10,000 WAS received on April 1 from the Mr Vego. These funds are restricted e purchase of a farm that will enable to organization to grow and sell their own vegetables. 5) On February 1. the organizati Fuary 1the organization buys the farm for $750.000, $200.000 came from the restricted funds provided by Mr V The remainder came from unrestricted resources The building is the only depreciable asset that the Company has ever bought with restricted resources. The depreciation for the year was $100.000 409of that amount related to the depreciation of assets bought with restricted resources. ne organization uses an encumbrance system in order to control expense closely. In 2019- orders estimated to $50,000 were issued for the purchase of goods and services. Invoices of $43,000 were received on orders that were initially recorded at an estimate cost of $40,000. 10% of these invoices were unpaid at the end of the year. These invoices received related to the following programs; Vega-Fit: $30.000/Vega-Food: $10,000/ Vega-Juice: $3,000 8) Salary expenses for the year amounted to $400,000. 10% remained unpaid at year-end. Required (Please show calculations) a) Prepare the journal entries for the organization for the 2019 year under the deferral method & the restricted fund method (33.5 marks) b) Prepare the Statement of Operations, the Statement of Financial Position, and the Statement of Changes in Fund Balances for the 2018-year under the deferral method only. (17.5 marks) re are Decker youre d would like to give back to the Tves to the o n . Your how they for the pe h and have seen to replace there . Y es t he price with her the con ponded to the Cheder mber 31, 2018 audit in the news from the To w n that the clase every v artes) to method except for p eyecer The er The O tom wishes to contine pengetested in Swishes to Oration has conting policy of capital and m ig capital anseparately. The organization as its capital a straight line. Opening trial balance (anuary 1, 2019): Pledres Receivable 500.000 60.000 salon 165.000 43.000 23.000 Gran Receivable Land & Aulang Fumiture and machinery Accumulated Amortization 3,027,000 122,000 Linoties Accounts Payable Lemn Payable Accrued Liabilities Deffered contributions - Vega Fit Deffered contributions - Vera-Food Deffered contributions - Vera-Juice 15,000 650,000 290,000 65,000 1,114,000 Fund Balances invested in Capital Assets Endowment Unrestricted 864.000 230.000 819,000 1,913,000 You obtain a box full of invoices and access to a network where the administrative assistant stores all the bank statements and other relevant supporting documents for transactions that have occurred during the year. You discover the following transactions for the 2019-year: 1) Veganist corp. gives an endowment of $100,000 in April. They gave instructions that this cash should be invested in money market funds (investment account). Any investment income earned can be used to pay for expenses of the Vega-Fit program. Investment income relating to this endowment was $15,000 for the year. wel of land is donated by the City to Vegan Life. The land has a 000. The building has a fair market value of S150.000, an estimate 2) A building and a parcel of lan market value of $50,000. The buil life of 30 years with no residual value. 3) VegaForce helps organized operations of the current year. No cas received. Per reliable historical exper collected. At the end of 2019, a notice contributor from last year are no longe Organized a fundraiser in March to raise money to fund general he current year. No cash was collected to piedees of $100.000 were reliable historical experience only 60s of these pledges are usually no he end of 2019, a notice is received by Vegan Life is states that some of the om last year are no longer fulfilling their pledee They represented Se of the Biance of pledge receivable that existed as of January 1, 2019. Cash of $200.000 was received on April for the purchase of a farm that w 10,000 WAS received on April 1 from the Mr Vego. These funds are restricted e purchase of a farm that will enable to organization to grow and sell their own vegetables. 5) On February 1. the organizati Fuary 1the organization buys the farm for $750.000, $200.000 came from the restricted funds provided by Mr V The remainder came from unrestricted resources The building is the only depreciable asset that the Company has ever bought with restricted resources. The depreciation for the year was $100.000 409of that amount related to the depreciation of assets bought with restricted resources. ne organization uses an encumbrance system in order to control expense closely. In 2019- orders estimated to $50,000 were issued for the purchase of goods and services. Invoices of $43,000 were received on orders that were initially recorded at an estimate cost of $40,000. 10% of these invoices were unpaid at the end of the year. These invoices received related to the following programs; Vega-Fit: $30.000/Vega-Food: $10,000/ Vega-Juice: $3,000 8) Salary expenses for the year amounted to $400,000. 10% remained unpaid at year-end. Required (Please show calculations) a) Prepare the journal entries for the organization for the 2019 year under the deferral method & the restricted fund method (33.5 marks) b) Prepare the Statement of Operations, the Statement of Financial Position, and the Statement of Changes in Fund Balances for the 2018-year under the deferral method only. (17.5 marks)