Sunland Library, a nonprofit organization, presented the following statement of financial position and statement of activities for its Sunland Library

Statement of Activities

for Year Ended February $28,2024$

Support

Revenue

Expenses

Program Services

The following transactions occurred during the fiscal year ended February $28,2025.$ Fees were billed as follows:

Service fees $$28,900$

Book rentals $,43,050$

Bookfines $,76,530$

$$43,780$ of the Grant Receivable was received. Another grant in the amount of $$18,340$ was promised.

Contributions in the amounts summarized below were received:

Unrestricted $$212,730$

Restricted $,115,220$

Investment income totaled $$70,560$ for the year.

Vouchers for the year were approved as follows:

During the year, $$462,500$ worth of vouchers were paid.

Adjustment Data

Accounts Payable and Accrued Expenses at February $28,2025,$ should be $$266,410.$ The difference should be allocated to the

following expenses:

Research library $$5,340$

General and administrative $,3,120$

Additions to the research library in the amount of $$74,560$ that were approved in $(5)$ above were made in accordance with the

terms of a contribution that had been received earlier and that was restricted for that purpose.

The current market value of the investments is $$1,029,200($no investment transactions occurred$).$

Depreciation amounted to $$9,192$ for the year. It should be allocated as follow$/$s:

Circulating library

$$3,720$

Research library

$3,075$

General and administrative

$2,397$ Prepaid Expenses should be $$54,931.$ The difference should be allocated to:

Exhibits

$$3,741$

General and administrative

$1,328$

$($a$)$

Prepare journal entries to record the transactions. $($Credit account titles are automatically indented when the amount is entered. Do

not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before

credit entries.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($To record grant received$)$

$($To record grant promised$)$

$1$

$$

$$

Prepare the statement of financial position and the statement of activities for the year ended February $28,2025.($Enter negative

amounts using either a negative sign preceding the number, eg$.-45$ or parentheses, e$.$g$.(45).)$

$

$

$]$

Liabilities and Fund Balances

SUNLANDLIBRARY

Statement of Activities

For Year Ended February $28,2025$

fiscal year ended February $28,2024.$

Liabilities and Fund Balances

Current Liabilities