Steiner College's statement of financial position for the year ended June 30, 2016, is presented here. Steiner is a private college.

STEINER COLLEGEStatement of Financial PositionJune 30, 2016(amounts in thousands)Assets(DR)(CR)Cash and cash equivalents734Short-term investments7666Tuition and fees receivable (net of doubtful accounts of $12)230Pledges receivable (net of doubtful accounts of $280)5872Prepaid assets1364Property, plant, and equipment (net of accumulated depreciation of $104,240)281404Investments (at fair value, cost of $162,000)158400Total assets455670Liabilities and Net AssetsLiabilitiesAccounts payable and accrued liabilities21130Deposits held in custody for others700Unearned revenue900Bonds payable99000Total liabilities121730Net Assets:Unrestricted104000Temporarily restricted33040Permanently restricted196900Total net assets333940Total liabilities and net assets455670

The following transaction information (amounts in thousands) pertains to the year ended June 30, 2017.

(1) During the year charges for tuition and fees were $244,500; scholarships were $16,300; tuition waivers for scholastic achievement were $5,100. After payment was received tuition refunds of $11,200 were given. Tuition waiver of $17,300 for students serving as teaching assistants for instruction were accrued.

(2) The college received unrestricted cash contributions of $2,080, pledges to be collected in 2018 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that was unrestricted.

(3) Collections on Tuition and Fees Receivable totaled $222,600.

(4) Net deposits returned to students totaled $10.

(5) Expenses were incurred for: Instruction $ 86,100. Academic support 23,300. Student services 37,700. Institutional support 28,500. Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,320 in temporarily restricted net assets.

(6) The ending balance in Accounts Payable and Accrued Liabilities was 1,935.

(7) Investment earnings received for the period were $3,960, of which $2,070 was temporarily restricted.

(8) Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of $26,400 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,700 ($790 was related to temporarily restricted net assets, $1,610 was related to permanently restricted net assets, the remainder was related to unrestricted net assets).

(9) Nominal accounts were closed.

Complete the following:

(A) Prepare journal entries to record the foregoing transactions for the year ended June 30, 2017.

(b) Prepare a statement of activities for the year ended June 30, 2017.

(C) Prepare a statement of financial position for the year ended June 30, 2017.