Required information The following information applies to the questions displayed below. INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2020. During the fiscal year ended December 31, 2020, 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 within one 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 new building, payable over five fiscal years, commencing in 2022. 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 four years. Office furnitur 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 materials, and various other clerical activities. 8. It is estimated that 80 percent of the pledges made for the 2021 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, 20 percent; management and general, 20 percent; and fund-raising, 2 percent. 10. Ne sets were released to reflect satisfaction of state grant requirements that the grant resources be used fo public health education program purposes 11. All nominal accounts were closed to the appropriate net asset accounts. is toheet oP Icrrect for the work you have completed so far. It does not 3 01 Rent Expense 35,300 Contributions-Without Donor Restrictions 35,300 02 339.500 103,000 Cash Contributions Recelvable Contributions-With Donor Restrictions-Program 256,000 Contributions-Without Donor Restrictions 186,500 03 Salaries and Benefits Expense 225,160 Cash 208,860 6,300 Salaries and Benefits Payable 103,000 04 Contributions Receivable 94,560 Contributions-With Donor Restrictions- Time Discount on Contributions Receivable 8,440 22.200 05 Equipment and Fumiture 2,300 9,900 Cash Contrbutions-Without Donor Restrictions ,500 06 Telephone Expense 12,300 8,600 Printing and Postage Expense Utilities Expense 4,600 Supplies Expense 27,100 Cash 3,900 Accounts Payable Prev3 of 4 Next >