The Joslyn Museum is a private, not-for-profit organization that exhibits "an eclectic collection of works beginning with Greek pottery and moving through Europe and into American Western art and finishing in the 20^th century" [www.joslyn.org.]

The Museum has a fiscal year end of December 31^st.

On January 1, 2017 the Statement of Financial Position had the following amounts:

a)Cash $8,000,000 (debit)

b)Unrestricted Net Assets $7,000,000 (credit)

c)Restricted by Donors Net Assets $1,000,000 (credit)

During the year 2017, the following events happened:

1.Cash that was received last year, and was Restricted by Donors, was spend on a new art piece in 2017. The cost was $600,000.

2.Cash, that was NOT restricted by donors of $1,000,000 was received in 2017.

Required:

A)Record the two transactions above in journal entry form.

B)Prepare a Statement of Activities for the year 2017.

C)Prepare a Statement of Changes in Net Assets for 2017.

D)Prepare a Statement of Financial Position (balance sheet) as of December 31, 2017.