The December 31, 2020, Statement of Net Assets of Mosholu Medical Center, a major urban hospital and research center, is presented.

Mosholu Medical Center Statement of Net Assets as of December 31, 2020
	without Restrictions	with Restrictions
Assets
Current Assets
Cash	$5,878	$612
Receivables for patient care ($265,116 less allowance for contractual adjustments and doubtful accounts of $109,812)	155,304
Other receivables	31,342	27,223
Marketable securities	261,804	489,177
Other current assets	65,847
Total current assets	520,175	517,012
Noncurrent assets
Property, plant, and equipment ($1,229,242 less accumulated depreciation of $535,822)	693,420
Other assets	25,653
Total noncurrent assets	719,073
Total assets	1,239,248	517,012
Liabilities and Net assets
Current liabilities
Accounts payable	134,404
Accrued wages and salaries	136,661
Total current liabilities	271,065
Noncurrent liabilities
Long-term debt	701,688
Deferred revenues and other current liabilities	231,862
Total noncurrent liabilities	933,550
Total liabilities	1,204,615
Net assets	34,633	517,012
Total liabilities and net assets	$1,239,248	$517,012

The following transactions and events occurred in 2021:

1. The hospital received pledges without donor restrictions of $252,600 and pledges with donor restrictions of $216,000. It collected all of the pledges without donor restrictions and $180,000 of the pledges with donor restrictions.

2. Cash gifts designated by donors for juvenile diabetes research amounted to $149,000 for the year. During the year, $104,000 was expended for juvenile diabetes research.

3. The total services provided by the hospital to all patients during the year amounted to $1,130,600 at the hospitals established billing rates. Based on the contracted rates with third-party payers, the hospital expects to collect approximately $791,420 (70 percent) of this amount. Due to current economic conditions, it expects that $158,284 (20 percent of the 70 percent) will have to be written off as bad debts.

4. It also provided $193,600 in charity care, which it never expected to collect.

5. It collected $633,136 in patient accounts recorded in question 3.

6. It earned and fully collected other operating revenues from its parking garage of $1,000,000, cafeteria of $820,000, and gift shop of $610,000.

7. It earned $24,072 in investment income, of which $15,144 is not restricted by donors and $8,928 is restricted.

8. The hospital sold marketable securities without donor restrictions to hire a well-known cancer researcher. It received $300,000 from investments that had a fair value of $250,000 at the end of the prior fiscal year.

9. It purchased equipment for its new gastroenterology unit of $435,600, all of which was paid for by liquidating marketable securities with donor restrictions.

10. It charged depreciation of $826,716.

11. Supplies were purchased in the amount of $700,000, all on account.

12. It incurred $1,775,170 in wages and salaries, of which it paid $1,765,000. The balance was accrued. It also incurred $860,000 in other operating expenses (including those of auxiliary enterprises), of which it paid $757,550. The balance was vouchered (and thereby credited to accounts payable).

13. Other operating expenses for the year include insurance costs. However, under retrospective insurance policies, the hospital anticipates having to pay an additional $9,300 in premiums.

14. It incurred and paid $378,360 in costs related to contracts (an exchange transaction). It was reimbursed for $352,240 and expects to be reimbursed for the balance in the future. In addition, it received $5,400 in advances on other contracts.

Prepare journal entries to record the transactions. Be sure to indicate whether each entry would affect fund types with or without donor restrictions.

Prepare a statement of operations for 2021 and a statement of financial position as of December 31, 2021.