Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college.

STEINER COLLEGEStatement of Financial PositionJune 30, 2019(amounts in thousands)AssetsCash and cash equivalents$734Short-term investments7,666Tuition and fees receivable (net of doubtful accounts of $12)230Pledges receivable (net of doubtful accounts of $280)5,872Prepaid assets1,364Property, plant, and equipment (net of accumulated depreciation of $104,240)281,404Investments (at fair value, cost of $162,000)158,400Total assets$455,670Liabilities and Net AssetsLiabilities:Accounts payable and accrued liabilities$21,130Deposits held in custody for others700Unearned revenue900Bonds payable99,000Total liabilities121,730Net Assets:Without donor restrictions$104,000With donor restrictions229,940Total net assets333,940Total liabilities and net assets$455,670

The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020.

1. During the year, charges for tuition and fees were $244,500; scholarships were $16,300; and tuition waivers for scholastic achievement were $5,100. After payment was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued.
2. The college received cash contributions without donor restrictions of $2,080, pledges to be collected in 2021 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were 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$86,100Academic support23,300Student services37,700Institutional support28,500

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 net assets with donor restrictions.

1. The ending balance in Accounts Payable and Accrued Liabilities was $1,935.
2. Investment earnings received for the period were $3,960, of which $2,070 was donor restricted for scholarships.
3. 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 investments restricted for scholarships, $1,610 was related to the permanent endowment, the remainder was related to net assets without donor restrictions).
4. Nominal accounts were closed.

1. Requireda-1.Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020.
2. a-2.Prepare closing entry for the year ended June 30, 2020.
3. b.Prepare a statement of activities for the year ended June 30, 2020.
4. c.Prepare a statement of financial position for the year ended June 30, 2020.