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The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art League: (1) exhibition and sales of members? art (referred to as Exhibition) and (2) Community Art Education. Activities of the Art League are conducted by a part-time administrator, a part-time secretary-bookkeeper, and several part-time volunteers. The volunteers greet visitors, monitor the security of the exhibit hall, and handle the sales of art to the public. Art on exhibit is considered the property of the member artists, not the Art League

The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two pr the Art League: (1) exhibition and sales of members' art (referred to as Exhibition) and (2) Community Art Education League are conducted by a part-time administrator, a part-time secretary-bookkeeper, and several part-time volunt greet visitors, monitor the security of the exhibit hall, and handle the sales of art to the public. Art on exhibit is consider member artists, not the Art League. The post-closing trial balance for the Art League as of June 30, 2016, is shown here. Cash Short-term Investments Grants Receivable Prepaid Expense Equipment Allowance for Depreciatio n Equipment Long-term Investments Permanentl y Restricted Accounts Payable and Accrued Expenses Deferred Revenue Unrestricte d Net Assets Temporaril y Restricted Net Assets Permanent ly Restricted Net Assets Totals $ ART LEAGUE Post-closing Trial Balance June 30, 2016 Debits 2,665 13,111 Credits 5,600 1,210 9,845 $ 2,526 5,867 2,749 3,800 9,111 14,245 5,867 $38,298 $ 38,298 Following is information summarizing the transactions of the Art League for the year ended June 30, 2017. 1. During the year, unrestricted cash was received from the following sources: grants, $12,600, of which $5,100 h receivable on June 30, 2016; annual contributions from fund drives and other unrestricted gifts, $13,961; memb tuition and fees for educational workshops, $7,074; and sales of members' art, $12,110, of which 20 percent rep earned by the Art League. 2. Interest earnings were as follows: interest on unrestricted investments totaled $696; interest on temporarily r totaled $935; interest on permanently restricted investments totaled $354 (these investment earnings are tem program use). 3. Grants receivable as of year-end totaled $5,220, of which $3,220 was earned in the current year (thus unrestric reported as deferred revenue. 4. The Art League receives free rent from the city at an estimated value of $19,000 a year. 5. Expenses incurred during the year were as follows: salaries and fringe benefits, $47,900; utilities $3,180; p $1,410; and miscellaneous, $740. As of year-end, the balances of the following accounts were: Prepaid Expen Payable and Accrued Expenses, $2,896. 6. During the year, $3,400 of short-term investments were sold, with the proceeds used to purchase two computers of $2,935. The resources used were temporarily restricted for the purchase of equipment. It is the policy of the the equipment as temporarily restricted net assets. 7. In accordance with the terms of the Art League endowment, income earned by the endowment for the provision for handicapped children was provided at a cost of $925. This amount was allocated to community art education. 8. Depreciation on equipment in the amount of $1,742 was recorded. 9. Expenses for the year were allocated 30 percent to Exhibition Program, 30 percent to Community Art Edu Management and General Expenses, and 15 percent to Fund-Raising. 10. Proceeds of art sales, net of commissions charged by the Art League, totaled $9,688. This amount was paid to m the year. 11. All nominal accounts were closed at year-end. Required b. Prepare journal entries to record these transactions. Expense transactions should be initially recorded by object otherwise instructed; in entry 9, expenses will be allocated to functions.(If no entry is required for a transacti Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your ans whole dollar amount.) c. Prepare a statement of activities for the year ended June 30, 2017