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 $ $520,720$

Investments $3,227,000$

Tuition and Fees Receivable $375,100$

Allowance for Doubtful Accounts $ $76,140$

Pledges Receivable $224,620$

Allowance for Doubtful Pledges $79,540$

Property, Plant, and Equipment $2,211,210$

Accumulated Depreciation $663,240$

Accounts Payable $103,740$

Accrued Liabilities $41,430$

Deposits Held in Custody for Others $19,410$

Deferred Revenue $68,660$

Bonds Payable $875,000$

Net Assets$$Without Donor Restrictions $3,154,190$

Net Assets$$With Donor Restrictions $1,459,300$

Net Assets Released from Restrictions$$With Donor Restrictions $471,300$

Net Assets Released from Restrictions$$Without Donor Restrictions $471,300$

Tuition and Fees $1,294,540$

Tuition and Fees Discount and Allowances $328,000$

Contributions$$Without Donor Restrictions $314,520$

Contributions$$With Donor Restrictions $364,820$

Grants and Contracts$$With Donor Restrictions $328,070$

Investment Income$$Without Donor Restrictions $54,290$

Investment Income$$With Donor Restrictions $32,000$

Other Revenue $13,800$

Auxiliary Enterprise Sales and Services $160,100$

Gain on Sale of Investments $72,700$

Unrealized Gain on Investments $596,610$

Instruction Expense $1,126,630$

Research Expense $667,600$

Academic Support Expense $301,160$

Student Services Expense $267,400$

Institutional Support Expense $284,360$

Auxiliary Enterprise Expenses $238,300$

Total $ $10,243,400$ $ $10,243,400$

Additional Information

Net assets released from donor restrictions totaled $$471,300.$ 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 $$940,900.$

Tuition and Fees Receivable increased by $$14,120.$

Pledges Receivable decreased by $$2,170.$

Allowance for Doubtful Accounts was increased by $$1,030($the bad debt increased Institutional Support Expense$).$

Accounts Payable decreased by $$3,940.$

Accrued Liabilities decreased by $$1,580.$

Deferred Revenue increased by $$8,760.$

Depreciation Expense was $$42,410.$

Cash of $$168,000$ was used to retire bonds.

Investments were sold for $$2,520,000($at a gain of $$72,700)$ and others were purchased for $$2,100,000.$

Net assets without donor restrictions were used to purchase equipment at a cost of $$55,600.$

Required

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