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. Cash and Cash Equivalents Investments Tuition and Fees Receivable Allowance for Doubtful Accounts Pledges Receivable Allowance for Doubtful Pledges Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Accrued Liabilities ALLEN UNIVERSITY Preclosing Trial Balance June 30, 2023 Deposits Held in Custody for Others Deferred Revenue Bonds Payable Net Assets-Without Donor Restrictions. Net Assets-With Donor Restrictions Net Assets Released from Restrictions-With Donor Restrictions Net Assets Released from Restrictions-Without Donor Restrictions Tuition and Fees. Debits Credits $ 517,910 3,209,000 373,300 $ 75,780 223,540 79,180 2,201,170 660,220 103,240 38,940 18,230 442,000 64,490 821,000 3,281,840 1,368,000 442,000 1,291,920 Tuition and Fees Discount and Allowances Contributions-Without Donor Restrictions Contributions-With Donor Restrictions Grants and Contracts-With Donor Restrictions Investment Income-Without Donor Restrictions Investment Income-With Donor Restrictions. Other Revenue Auxiliary Enterprise Sales and Services Gain on Sale of Investments Unrealized Gain on Investments Instruction Expense Research Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprise Expenses Total 327,300 311,480 329,300 325,310 51,580 30,200 13,400 155,300 70,700 355,960 1,064,830 603,600 264,660 223,600 244,360 192,800 $9,888,070 $9,888,070 Additional Information Net assets released from donor restrictions totaled $442,000. 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 $761,250. Tuition and Fees Receivable increased by $11,420. Pledges Receivable decreased by $1,750. Allowance for Doubtful Accounts was increased by $860 (the bad debt increased Institutional Support Expense). Accounts Payable decreased by $3,260. Accrued Liabilities decreased by $1,270. Deferred Revenue increased by $7,040. Depreciation Expense was $34,120. Cash of $121,000 was used to retire bonds. Investments were sold for $1,815,000 (at a gain of $70,700) and others were purchased for $1,512,500. .Net assets without donor restrictions were used to purchase equipment at a cost of $40,000. Required b. Prepare a statement of financial position for June 30, 2023. Answer is not complete. ALLEN UNIVERSITY Required information Answer is not complete. ALLEN UNIVERSITY Statement of Financial Position June 30, 2023 Assets Cash and Cash Equivalents Tuition and Fees Receivable (Net) Pledges Receivable (Net) Investments Property, Plant and Equipment (Net) Total Assets $ 0 Liabilities and Net Assets Liabilities: Accounts Payable Accrued Liabilities Deposits Held in Custody for Others Deferred Revenue Bonds Payable Total Liabilities Net Assets: Net Assets-Without Donor Restrictions Net Assets-With Donor Restrictions: Total Net Assets 00000 0 Total Liabilities and Net Assets 0 0