The Ombudsman Foundation is a private not for profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2017, the end of its fiscal year:

Trial Balance December 31, 2017________________________________Debits_____________Credits

Accounts payable______________credit_______________________________23500

Accounts receivable (net) debit_______________45000

Accrued interest receivable debit______________15500

Accumulated depreciation ______credit______________________________________________3250500

Cash___debit__________________________________109000

Contributed services unrestricted____credit____________________________________________25000

Contributed unrestricted____credit____________________________________________________2300000

Contributions temporarily restricted______credit__________________________________________780000

Contributions permanently restricted_____credit__________________________________________2650000

Current pledges receivable (net)______debit_______________75000

Education program expenses____debit___________________1505000

Fund raising expense_____debit________________________116000

Grant revenue temporarily restricted____credit____________________________________________86000

Training seminar expenses___________debit______________4456000

Land, buliding, and equipment___debit___________________5500000

Long term investments___debit_________________________2690000

Management and general expense_____debit______________365000

net assets:

Unrestricted (January 1)______________credit_____________________________________________458000

Temporarily restricted (January 1)_______credit_____________________________________________659000

Permanently restricted (january 1)_______credit_____________________________________________1250000

Net gains on endowment investments unrestricted___credit______________________________________17500

Noncurrent pledge receivables_________debit_______________365000

Program service revenue unrestricted___credit_______________________________________________5592000

postemployment benefits payable____________credit_________________________________________188000

Reclassifications:

Satisfaction of program restrictions____________debit_________250000

Satisfaction of time restrictions________________debit________205000

Satisfaction of program restrictions______credit________________________________________________250000

Satisfaction of time restrictions_________credit_________________________________________________205000

Research program expenses___________debit______________1256000

Short term investments________________debit______________750000

Supplies inventory_______debit___________________________32000

totals______________________________17734500__________________________17734500

a) Prepare closing entries for the year end using separate entries for each net asset classification

b) Prepare a statemnet of activities for the year ended December 31, 2017

c) Prepare a statement of financial position as of December 31 2017