Steiner College's statement of financial position for the year ended June 30. 2022, Is presented here. Steiner is a private college. STEINER COLLEGE Statement of Financial Position June 30, 2022 (amounts in thousands) Assets Cash and cash equivalents $ 730 Short-term investments 7,678 Tuition and fees receivable (net of doubtful accounts of $8) 235 Pledges receivable (net of doubtful accounts of $284) 5,877 Prepaid assets 1,366 Property, plant, and equipment (net of accumulated depreciation of $104, 290) 281,409 Investments (at fair value, cost of $164,780) 158, 860 Total assets $456, 095 Liabilities and Net Assets Liabilities: Accounts payable and accrued liabilities $ 21,176 Deposits held in custody for others 705 Deferred revenue 904 Bonds payable 95,908 Total liabilities 117,779 Net Assets: Without donor restrictions $104, 046 With donor restrictions 234, 276 Total net assets 338 , 316 Total liabilities and net assets $456, 095 The following transaction Information (amounts In thousands) pertains to the year ended June 30. 2023. 1. During the year, charges for tultion and fees were $244,550, scholarships were $16,350, and tultion waivers for scholastic achievement were $5150. After payment was received, tultion refunds of $11,270 were given. Tuition waivers of $17.360 for students serving as teaching assistants for Instruction were accrued. 2. The college received cash contributions without donor restrictions of $2140, pledges to be collected in 2024 of $557, and cash contributions to the endowments of $338. It also collected $824 of Pledges Receivable that were unrestricted. 3. Collections on Tuition and Fees Receivable totaled $222,640. 4. Net deposits returned to students totaled $17. 5. Expenses were Incurred for:5. Expenses were Incurred for: Instruction $ 86, 160 Academic support 23, 340 Student services 37, 770 Institutional support 28,550 Related to the expenses Incurred: prepaid assets of $537 were used. $4,780 of the expenses were accrued, and the remaining expenses were pald. Expenses Incurred resulted In the release of $7,390 In net assets with donor restrictions. 6. The ending balance In Accounts Payable and Accrued Liabilities was $1,985. 7. Investment earnings received for the period were $4,030, of which $2,090 was donor restricted for scholarships. 8. Adjusting entries for the perlod were made to Increase Allowance for Doubtful Accounts by $15, to record depreciation expense of $26,440 (charged 70 percent to Instruction and 30 percent to academic support), to adjust tultion revenue for an Increase In deferred revenue of $12, and to recognize an Increase In fair value of Investments of $4,760 ($860 was related to Investments restricted for scholarships, $1,650 was related to the permanent endowment, and the remainder was related to net assets without donor restrictions). 9. Nominal accounts were closed. Required a-1. Prepare Journal entries to record the foregoing transactions for the year ended June 30, 2023. a-2. Prepare closing entry for the year ended June 30, 2023 b. Prepare a statement of activities for the year ended June 30. 2023. c. Prepare a statement of financial position for the year ended June 30. 2023.Prepare journal entries to record the foregoing transactions for the year ended June 30, 2023. (If no entry is required for a transaction/event, select "No Journal Entry Required"in the first account field. Enter your answers in thousands. ) View transaction llet Mew Journal entry worksheet (x No Transaction General Journal Debit Credit A 1(a) Tuition and Fees Receivable 223 050 Tuition and Fees Discount and Allowances 21.500 Tuition and Fees-Without Donor Restrictions 244,550 B 1(b) Tuition and Fees-Without Donor Restrictions 11,270 Cash 11,270 C 1(0) Instruction Expense 17,380 Accounts Payable and Accrued Liabilities 17.360 D 02 Cast 3.302 Pledges Receivable 557 Contributions-Without Donor Restrictions 2,140 Contributions-With Donor Restrictions-Time 557 Contributions-With Donor Restrictions-Endowment 338 Pledges Receivable 824 E 03 Cash 222.640 Tuition and Fees Receivable 222,640 F 04 Deposits Held in Custody for Others 17 Cash 17 G Instruction Expense 86.180 Academic Support Expense 23.340 Student Services Expense 37.770Institutional Support Expense 28.550 Cash 170,503 Prepaid Assets 537 Accounts Payable and Accrued Liabilities 4,780 H 5(b) Net Assets-Released from Restrictions-With Donor Restrictions 7.380 Net Assets-Released from Restrictions-Without Donor Restrictions 7.300 06 Accounts Payable and Accrued Liabilities 41,325 Cash 41,325 07 Cash 4 030 Investment Income-Without Donor Restrictions 1.940 Investment Income-With Donor Restrictions-Scholarships 2.090 K Tuition and Fees-Without Donor Restrictions 15 Allowance for Doubtful accounts 15 L Instruction Expense 18.508 Academic Support Expense 7.032 Accumulated Depreciation 26,440 M Tuition and Fees-Without Donor Restrictions 12 Deferred Revenue 12 N Investments 4,760 Unrealized Gain on Investments-Without Donor Restrictions 2.250 Unrealized Gain on Investments-With Donor Restrictions- 850 Scholarships Unrealized Gain on Investments-With Donor Restrictions- 1,650 EndowmentVIEW Tram new joumal entry workandat No Transaction General Journal Debit Credit A Tuition and Fees-Without Donor Restrictions Contributions-Without Donor Restrictions Investment Income-Without Donor Restrictions 1,940 Net Assets-Without Donor Restrictions Tuition and Fees Discount and Allowances Instruction Expense 122,028 Academic Support Expense 31,272 Student Services Expense 37.770 Institutional Support Expense B Contributions-With Donor Restrictions-Time 557 Investment Income-With Donor Restrictions-Scholarships 2,090 Unrealized Gain on Investments-With Donor Restrictions- 860 Scholarships Net Assets-With Donor Restrictions 3,507 C 8(c) Contributions-With Donor Restrictions-Endowment 338 Unrealized Gain on Investments-With Donor Restrictions- 1,850 Endowment Net Assets-With Donor Restrictions 1.989 D e(d) Net Assets-With Donor Restrictions 7,390 Net Assets-Released from Restrictions-Without Donor Restrictions 7,390 Net Assets-Without Donor Restrictions 7.390 7.390 Req Ai Req AZ Reg B Req C Prepare a statement of activities for the year ended June 30, 2023. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) STEINER COLLEGE Statement of Activities Year ended June 30, 2023 Without Donor With Donor Restrictions Restrictions Total Revenues and Gains: Student Tuition and Fees (net) Contributions 2,140 3.035 Investment Income 1,940 2,090 4.030 Unrealized Gain on Investments 2.250 2,510 4,760 Net Assets-Released from Restrictions 7,390 7,390 Total Revenues and Gains 13,720 (1,895 11,825 Expenses and Losses: Educational and General Expense: Instruction 122,028 122.028 Academic Support 31,272 31 272 Student Services 37,770 37 770 Institutional Support 0 Total Expenses and Losses 191,070 191,070 Total Change in Net Assets (177,350 (1,895 (170,245) Net Assets, Beginning of the Year 104,040 234,276 838.316 Net Assets, End of the Year 5 (73,310) $ 232.381 50.071 Prepare a statement of financial position for the year ended June 30, 2023. (Enter your answers in thousands.) STEINER COLLEGE Statement of Financial Position June 30, 2023 Assets Cash and Cash Equivalents 7,595 Short-term Investments 7,870 Tuition and Fees Receivable (Net) 830 Pledges Receivable (Net) Prepaid Assets Investments Property, Plant and Equipment (Net) Unrealized Gain on Investments-Without Donor Restrictions Total Assets 15.895 Liabilities and Net Assets Liabilities: Accounts Payable and Accrued Liabilities 5 1,085 Deposits Held in Custody for Others 388 Deferred Revenue Bonds Payable 95,000 Total Liabilities 98,589 Net Assets Without Donor Restrictions With Donor Restrictions 232 381 Total Net assets 232,381 Total Liabilities and Net Assets 5 330,970