Sports for Kids (SFK) is a not-for-profit organization in Medicine Hat, Alberta, that offers programs for disadvantaged children to be involved in sports. SFK is involved with a variety of sports programs including hockey, curling, soccer, and baseball, and it relies on public donations to purchase the required equipment for these programs. SFK uses the deferral method of accounting for restricted contributions; however, donations of that type have been rare. During 2021, SFK received two donations that need to be recorded: On January 2, 2021, the local Junior A hockey team became aware of SFK's impressive charitable work and donated $120,000 in cash to be used for the purchase of hockey equipment. The entire $120,000 was spent in 2021. Players sponsored by SFK who use the donated equipment must return it to SFK when they leave the program. The useful life of the equipment is estimated to be three years. On April 5, 2021, the city of Medicine Hat donated a baseball field that had previously been underused. The backstop and team dugouts are old and have a fair value of zero. However, the land has been appraised at $100,000. Required: a) For each of the donations above: i. ii. Calculate the effect of the transaction on the excess (deficiency) of revenues over expenses that should be reported in the statement of operations for the year ended December 31, 2021. Indicate the specific account names that should be used to report each amount. (2 marks) Calculate the balances that should be reported on the statement of financial position at December 31, 2021. Indicate the specific account names that should be used to report each amount. (2 marks) b) Assume that SFK used the restricted fund method of accounting for restricted contributions and that there are separate restricted funds for each sport. Describe how each of the two transactions should be reported in the statement of operations and the statement of financial position. (4 marks)