[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	$	520,230
Investments		3,224,000
Tuition and Fees Receivable		374,800
Allowance for Doubtful Accounts				$	76,080
Pledges Receivable		224,440
Allowance for Doubtful Pledges					79,480
Property, Plant, and Equipment		2,209,540
Accumulated Depreciation					662,740
Accounts Payable					103,660
Accrued Liabilities					40,940
Deposits Held in Custody for Others					19,180
Deferred Revenue					67,840
Bonds Payable					865,000
Net AssetsWithout Donor Restrictions					3,180,090
Net AssetsWith Donor Restrictions					1,443,000
Net Assets Released from RestrictionsWith Donor Restrictions		466,100
Net Assets Released from RestrictionsWithout Donor Restrictions					466,100
Tuition and Fees					1,294,210
Tuition and Fees Discount and Allowances		328,000
ContributionsWithout Donor Restrictions					313,960
ContributionsWith Donor Restrictions					344,010
Grants and ContractsWith Donor Restrictions					327,760
Investment IncomeWithout Donor Restrictions					53,870
Investment IncomeWith Donor Restrictions					31,700
Other Revenue					13,700
Auxiliary Enterprise Sales and Services					158,900
Gain on Sale of Investments					72,200
Unrealized Gain on Investments					566,840
Instruction Expense		1,111,530
Research Expense		646,500
Academic Support Expense		297,960
Student Services Expense		263,200
Institutional Support Expense		281,460
Auxiliary Enterprise Expenses		233,500
Total	$	10,181,260		$	10,181,260

Additional Information

Net assets released from donor restrictions totaled $466,100. 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 $923,760.
• Tuition and Fees Receivable increased by $13,790.
• Pledges Receivable decreased by $2,110.
• Allowance for Doubtful Accounts was increased by $1,000 (the bad debt increased Institutional Support Expense).
• Accounts Payable decreased by $3,820.
• Accrued Liabilities decreased by $1,530.
• Deferred Revenue increased by $8,480.
• Depreciation Expense was $41,060.
• Cash of $160,000 was used to retire bonds.
• Investments were sold for $2,400,000 (at a gain of $72,200) and others were purchased for $2,000,000.
• Net assets without donor restrictions were used to purchase equipment at a cost of $53,000.

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.)