[The following information applies to the questions displayed below.] The following is the preclosing trial balance for Allen University as of June 30, 2023. Additional information related to net assets and the statement of cash flows is also provided. ALLEN UNIVERSITY Preclosing Trial Balance June 30, 2023 Debits Credits Cash and Cash Equivalents $ 516,770 Investments 3,201,000 Tuition and Fees Receivable 372,500 Allowance for Doubtful Accounts $ 75,620 Pledges Receivable 223,060 Allowance for Doubtful Pledges 79,020 Property, Plant, and Equipment 2,196,720 Accumulated Depreciation 658,890 Accounts Payable 103,030 Accrued Liabilities 37,780 Deposits Held in Custody for Others 17,700 Deferred Revenue 62,610 Bonds Payable 797,900 Net AssetsWithout Donor Restrictions 3,329,400 Net AssetsWith Donor Restrictions 1,330,100 Net Assets Released from RestrictionsWith Donor Restrictions 429,900 Net Assets Released from RestrictionsWithout Donor Restrictions 429,900 Tuition and Fees 1,290,970 Tuition and Fees Discount and Allowances 327,100 ContributionsWithout Donor Restrictions 310,390 ContributionsWith Donor Restrictions 327,390 Grants and ContractsWith Donor Restrictions 324,180 Investment IncomeWithout Donor Restrictions 50,700 Investment IncomeWith Donor Restrictions 29,600 Other Revenue 13,300 Auxiliary Enterprise Sales and Services 154,100 Gain on Sale of Investments 70,200 Unrealized Gain on Investments 196,320 Instruction Expense 1,045,630 Research Expense 574,400 Academic Support Expense 241,860 Student Services Expense 194,000 Institutional Support Expense 205,560 Auxiliary Enterprise Expenses 160,600 Total $ 9,689,100 $ 9,689,100 Additional Information Net assets released from donor restrictions totaled $429,900. The gain resulting from sale of investments was unrestricted. Thirty percent of the unrealized gain is related to net assets restricted for programs, with the remainder related to net assets without donor restrictions. Additional information is as follows: The balance in cash and cash equivalents as of July 1, 2022, was $619,930. Tuition and Fees Receivable increased by $10,330. Pledges Receivable decreased by $1,580. Allowance for Doubtful Accounts was increased by $780 (the bad debt increased Institutional Support Expense). Accounts Payable decreased by $2,940. Accrued Liabilities decreased by $1,140. Deferred Revenue increased by $6,310. Depreciation Expense was $30,600. Cash of $103,000 was used to retire bonds. Investments were sold for $1,545,000 (at a gain of $70,200) and others were purchased for $1,287,500. Net assets without donor restrictions were used to purchase equipment at a cost of $34,000. Required Prepare a statement of financial position for June 30, 2023.