[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	$	516,600
Investments		3,200,000
Tuition and Fees Receivable		372,400
Allowance for Doubtful Accounts				$	75,600
Pledges Receivable		223,000
Allowance for Doubtful Pledges					79,000
Property, Plant, and Equipment		2,196,160
Accumulated Depreciation					658,720
Accounts Payable					103,000
Accrued Liabilities					37,500
Deposits Held in Custody for Others					17,570
Deferred Revenue					62,150
Bonds Payable					792,000
Net AssetsWithout Donor Restrictions					3,353,110
Net AssetsWith Donor Restrictions					1,320,600
Net Assets Released from RestrictionsWith Donor Restrictions		426,850
Net Assets Released from RestrictionsWithout Donor Restrictions					426,850
Tuition and Fees					1,290,750
Tuition and Fees Discount and Allowances		327,000
ContributionsWithout Donor Restrictions					310,200
ContributionsWith Donor Restrictions					327,000
Grants and ContractsWith Donor Restrictions					324,000
Investment IncomeWithout Donor Restrictions					50,500
Investment IncomeWith Donor Restrictions					29,500
Other Revenue					13,250
Auxiliary Enterprise Sales and Services					153,560
Gain on Sale of Investments					70,000
Unrealized Gain on Investments					179,200
Instruction Expense		1,044,630
Research Expense		571,800
Academic Support Expense		240,560
Student Services Expense		193,000
Institutional Support Expense		203,360
Auxiliary Enterprise Expenses		158,700
Total	$	9,674,060		$	9,674,060

Additional Information Net assets released from donor restrictions totaled $426,850. 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 $615,540.
• Tuition and Fees Receivable increased by $10,230.
• Pledges Receivable decreased by $1,560.
• Allowance for Doubtful Accounts was increased by $770 (the bad debt increased Institutional Support Expense).
• Accounts Payable decreased by $2,900.
• Accrued Liabilities decreased by $1,120.
• Deferred Revenue increased by $6,200.
• Depreciation Expense was $30,070.
• Cash of $100,000 was used to retire bonds.
• Investments were sold for $1,500,000 (at a gain of $70,000) and others were purchased for $1,250,000.
• Net assets without donor restrictions were used to purchase equipment at a cost of $33,000.

Required

3. Prepare a statement of cash flows for the year ended June 30, 2023. (List of cash outflows should be indicated by a minus sign.)