Recording and Reporting Transactions. (LO143,LO145) INVOLVE was incorporated as a not-for-profit organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. I. A business donated rent-free office space 2. A fund drive raised $185,000 in cash and $100,000 in pledges that will be paid within one year. A state government to the organization that would normally rent for $35,000 a year grant of $150,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $208,560. At year-end, an additional $16,000 of salaries and fringe benefits were accrued. 4. A donor pledged $100,000 for construction of a new building, payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be $94,260. 5. Office equipment was purchased for $12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $9,600 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered net assets without donor restrictions by INVOLVE 6. Telephone expense for the year was $5.200, printing and postage expense was $12.000 for the year, utilities for the year were $8,300, and supplies expense was $4.300 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3.600. a. Make all necessary journal entries to record these transactions. Expense transactions should be initially recorded by object classification; in entry 9, expenses will be allocated to functions b. Prepare a statement of activities for the year ended December 31, 2020