The Hope Foundation is a private not-for-profit organization providing training in democracy and good governance. The Foundation had the following preclosing trial balance at December 31 2020, the end of its fiscal year Adjusted Trial Balance Credits Debits 95,000 Cash 35,000 Accounts receivable (net 75,000 Current pledges receivable (net 15,500 Interest receivable 750,000 Short-term investments 32,000 Supplies inventory 23.500 Accounts payable 5,500,000 Land, buildings, and equipment 3,250,500 Accumulated depreciation 2,690,000 Long-term investments 500,000 Noncurrent pledge receivables (net 25,000 Contributed services-unrestricted 2.300.000 Contributions- unrestricted 1.000.000 Contributions temporarily restricted 2,650.000 Contributions-permanently restricted 4,525.000 Education program expenses 116000 Fund-raising expense 85.000 Grant revenue temporarily restricted 4.456,000 Training seminar expenses 365.000 26500 Management and general expense Net gains on endowment investments-unrestricted 7355.000 Research program expenses 5992000 Program service revenue-unrestricted Sa ] 2,650,000 Contributions-permanently restricted 1,525.000 Education program expenses 116,000 Fund-raising expense 88,000 Grant revenue-temporarily restricted 4,456,000 Training seminar expenses Management and general expense 365,000 26,500 Net gains on endowment investments-unrestricted 1,356,000 Research program expenses 5,592,000 Program service revenue-unrestricted 188,000 Postemployment benefits payable (noncurrent 250,000 Net Assets Released from Restrictions-Temporarily Restricted Satisfaction of program restrictions 225,000 Net Assets Released from Restrictions-Temporarily Restricted Satisfaction of time restrictions 250.000 Net Assets Released from Restrictions Unrestricted Satisfaction of program restrictions 225.000 Net Assets Released from Restrictions-Unrestricted Satisfaction of time restrictions Net assets 458.000 Unrestricted (anuary 1. 659,000 Temporarily restricted January ! 1.250.000 Permanently restricted (January 1 17.985,500 17.985,500 a. Prepare a Statement of Activities for the year ended December 31, 2020 b. Prepare a Statement of Financial Position as of December 31, 2020. Use a classified approach, providing separate totals for current and noncurrent items The Hope Foundation is a private not-for-profit organization providing training in democracy and good governance. The Foundation had the following preclosing trial balance at December 31 2020, the end of its fiscal year Adjusted Trial Balance Credits Debits 95,000 Cash 35,000 Accounts receivable (net 75,000 Current pledges receivable (net 15,500 Interest receivable 750,000 Short-term investments 32,000 Supplies inventory 23.500 Accounts payable 5,500,000 Land, buildings, and equipment 3,250,500 Accumulated depreciation 2,690,000 Long-term investments 500,000 Noncurrent pledge receivables (net 25,000 Contributed services-unrestricted 2.300.000 Contributions- unrestricted 1.000.000 Contributions temporarily restricted 2,650.000 Contributions-permanently restricted 4,525.000 Education program expenses 116000 Fund-raising expense 85.000 Grant revenue temporarily restricted 4.456,000 Training seminar expenses 365.000 26500 Management and general expense Net gains on endowment investments-unrestricted 7355.000 Research program expenses 5992000 Program service revenue-unrestricted Sa ] 2,650,000 Contributions-permanently restricted 1,525.000 Education program expenses 116,000 Fund-raising expense 88,000 Grant revenue-temporarily restricted 4,456,000 Training seminar expenses Management and general expense 365,000 26,500 Net gains on endowment investments-unrestricted 1,356,000 Research program expenses 5,592,000 Program service revenue-unrestricted 188,000 Postemployment benefits payable (noncurrent 250,000 Net Assets Released from Restrictions-Temporarily Restricted Satisfaction of program restrictions 225,000 Net Assets Released from Restrictions-Temporarily Restricted Satisfaction of time restrictions 250.000 Net Assets Released from Restrictions Unrestricted Satisfaction of program restrictions 225.000 Net Assets Released from Restrictions-Unrestricted Satisfaction of time restrictions Net assets 458.000 Unrestricted (anuary 1. 659,000 Temporarily restricted January ! 1.250.000 Permanently restricted (January 1 17.985,500 17.985,500 a. Prepare a Statement of Activities for the year ended December 31, 2020 b. Prepare a Statement of Financial Position as of December 31, 2020. Use a classified approach, providing separate totals for current and noncurrent items