The following trial balance as of January 1, 2017, the first day of the fiscal year for ABC University Assets: Liabilities & Net assets: Cash $ 1,430,000 Accounts payable $1,500,000 Accounts receivable 1,300,000 Accrued expenses 800,000 Contributions receivable 500,000 Allowance for uncollectible 120,000 Loans to employees 500,000 Long-term debt 1,580,000 Long-term investment 2,270,000 Unrestricted net assets 3,000,000 Plant assets -- Net 4,000,000 Temporarily restricted NA 2,000,000 Permanently restricted NA 1,000,000 Total Assets 10,000,000 Total Liabilities & Net Assets 10,000,000 During the year ended December 31, 2017, the following transactions occurred: 1. Cash collections included: accounts receivable, $700,000; contributions receivable, $300,000; and for loans to employees, $300,000. 2. Unrestricted revenues included tuition and foes, $2,500,000; other investment income, $300,000; and sales and services of auxiliary enterprises, $2,100,000. A total of $3,000,000 cash was received 3. Cash payments included accounts payable, $500,000; and long-term debt, $400,000. 4. Reclassifications of $ 500,000 was made from temporarily restricted to unrestricted net assets, 5. Expenses, were as follows: instruction, $1,000,000, research, 5500,000; academic support, $300,000; and auxiliary enterprises, $500,000. The amount of $2,000,000 was paid in cash. 6. Contributions were received in cash of the following amounts: unrestricted, S1,200,000; temporarily restricted, S800,000; permanently restricted, S500,000. 7. Scholarships, for which no services were required, were applied to student in the amount of $300,000 8. Interest income was earned as addition to temporarily restricted net assets, $500,000. Of which, $200,000 was received in cash and the remaining was accrued at year-end. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Changes in Net Assets including a separate unrestricted part. c. Prepare a Statement of Net Position for the ABC University