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 $36,500 a year. 2. A fund drive raised $192,500 in cash and $115,000 in pledges that will be paid next year. A state government grant of $165,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $210,060. At year-end, an additional $17,500 of salaries and fringe benefits were accrued. 4. A donor pledged $115,000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $95,760. 5. Office equipment was purchased for $13,500. The useful life of the equipment is estimated to be four years. Office furniture with a fair value of $11,100 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 $6,700, printing and postage expense was $13,500 for the year, utilities for the year were $9,800 and supplies expense was $5,800 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $5,100. 7. Volunteers contributed $16,500 of time to help with answering the phones, mailing materials, and various other clerical activities.