Required Information [The following information applies to the questions displayed below.] INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31. 2023, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $35,300 a year. 2. A fund dilve raised $186,500 in cash and $103,000 in pledges that will be paid next year. A state government grant of $153.000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $208,860. At yeat-end, an additional $16,300 of salaries and fringe benefits were accrued. 4. A donor pledged $103,000 for construction of a new buliding. payable over five fiscal years, commencing in 2025 . The discounted value of the pledge is expected to bo $94,560. 5. Office equipment was purchased for $12,300. The useful life of the equipment is estimated to be flve years. Office furniture with a fair value of $9,900 was donated by a local office supply company. The furniture thas 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 $5,500, printing and postage expense was $12,300 for the year, utilies for the year were $8,600 and supplies expense was $4,600 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,900. 7. Volunteers contributed $15,300 of time to help with answering the phones, mailing materiaks, and various other clerical activities. 8, It is estimated that 80 percent of the pledges made for the 2024 yoar will be collected. Depreciation expense is tecorded for the full year on the assets recorded in item 5 . 9. Alf expenses were allocated to program services and support services in the following percentages public health education, 40 percent, community service, 30 percent, management and general, 20 percent, and fund raising. 10 percent. 10. Net assets were reloased to reflect satisfaction of state grant reguirements that the grant resources be used for public health education program pumposes. 11. All nominal accounts were closed to the appropriate net asset accounts. a. Prepare journal entries to record these transactions. Expense transactions should be initlally recorded by object classification, in entry 9 , expenses will be allocated to functions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round the intermediate and final answers to the nearest dollar amount.) Required information (1) Required information b. Prepare a statement of activities for the year ended December 31, 2023. (Amounts to be deducted should be indicated with a minus sign. Round the intermediate and final answers to the nearest dollar amount.) INVOLVE was incorporated as a not-for-profit organization on January 1, 2023, During the fiscal year ended December 31 , 2023, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $35,300 a year. 2. A fund drive raised $186,500 in cash and $103,000 in pledges that will be paid next year. A state government grant of $153,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $208,860. At year-end, an additional $16,300 of salaries and fringe benefits were accrued 4. A donor pledged $103,000 for construction of a now building, payable over five fiscal years, commencing in 2025 . The discounted value of the pledge is expected to be $94,560. 5. Office equipment was purchased for $12,300. The useful life of the equipment is estimated to be five years, Office furniture with a fair value of $9,900 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 $5,500, printing and postage expense was $12,300 for the year, utilities for the year were $8,600 and supplies expense was $4,600 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3.900 7. Volunteers contributed $15,300 of time to help with answering the phones, mailing materiais, and various other clerical activities. 8. It is estimated that 80 percent of the pledges made for the 2024 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5 . 9. All expenses were allocated to program services and support services in the following percentages: public health education, 40 percent; community service, 30 percent, management and general, 20 percent; and fund-raising, 10 percent. 10. Net assets were released to reflect satisfaction of state grant requifements that the grant resources be used for public health educotion program purposes. 11. All nominal accounts were closed to the appropriate net asset accounts b. Prepare a statement of activities for the year ended December 31, 2023. (Amounts to be deducted should be indicated with a minus sign. Round the intermediate and final answers to the nearest dollar amount.) Required Information [The following information applies to the questions displayed below.] INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31. 2023, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $35,300 a year. 2. A fund dilve raised $186,500 in cash and $103,000 in pledges that will be paid next year. A state government grant of $153.000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $208,860. At yeat-end, an additional $16,300 of salaries and fringe benefits were accrued. 4. A donor pledged $103,000 for construction of a new buliding. payable over five fiscal years, commencing in 2025 . The discounted value of the pledge is expected to bo $94,560. 5. Office equipment was purchased for $12,300. The useful life of the equipment is estimated to be flve years. Office furniture with a fair value of $9,900 was donated by a local office supply company. The furniture thas 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 $5,500, printing and postage expense was $12,300 for the year, utilies for the year were $8,600 and supplies expense was $4,600 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,900. 7. Volunteers contributed $15,300 of time to help with answering the phones, mailing materiaks, and various other clerical activities. 8, It is estimated that 80 percent of the pledges made for the 2024 yoar will be collected. Depreciation expense is tecorded for the full year on the assets recorded in item 5 . 9. Alf expenses were allocated to program services and support services in the following percentages public health education, 40 percent, community service, 30 percent, management and general, 20 percent, and fund raising. 10 percent. 10. Net assets were reloased to reflect satisfaction of state grant reguirements that the grant resources be used for public health education program pumposes. 11. All nominal accounts were closed to the appropriate net asset accounts. a. Prepare journal entries to record these transactions. Expense transactions should be initlally recorded by object classification, in entry 9 , expenses will be allocated to functions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round the intermediate and final answers to the nearest dollar amount.) Required information (1) Required information b. Prepare a statement of activities for the year ended December 31, 2023. (Amounts to be deducted should be indicated with a minus sign. Round the intermediate and final answers to the nearest dollar amount.) INVOLVE was incorporated as a not-for-profit organization on January 1, 2023, During the fiscal year ended December 31 , 2023, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $35,300 a year. 2. A fund drive raised $186,500 in cash and $103,000 in pledges that will be paid next year. A state government grant of $153,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $208,860. At year-end, an additional $16,300 of salaries and fringe benefits were accrued 4. A donor pledged $103,000 for construction of a now building, payable over five fiscal years, commencing in 2025 . The discounted value of the pledge is expected to be $94,560. 5. Office equipment was purchased for $12,300. The useful life of the equipment is estimated to be five years, Office furniture with a fair value of $9,900 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 $5,500, printing and postage expense was $12,300 for the year, utilities for the year were $8,600 and supplies expense was $4,600 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3.900 7. Volunteers contributed $15,300 of time to help with answering the phones, mailing materiais, and various other clerical activities. 8. It is estimated that 80 percent of the pledges made for the 2024 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5 . 9. All expenses were allocated to program services and support services in the following percentages: public health education, 40 percent; community service, 30 percent, management and general, 20 percent; and fund-raising, 10 percent. 10. Net assets were released to reflect satisfaction of state grant requifements that the grant resources be used for public health educotion program purposes. 11. All nominal accounts were closed to the appropriate net asset accounts b. Prepare a statement of activities for the year ended December 31, 2023. (Amounts to be deducted should be indicated with a minus sign. Round the intermediate and final answers to the nearest dollar amount.)