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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

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, 2020, the end of its fiscal year:

Trial BalanceDecember 31, 2020 Debits Credits
Accounts payable $ 23,500
Accounts receivable (net) $ 45,000
Accrued interest receivable 15,500
Accumulated depreciation 3,250,500
Cash 109,000
Contributed services 35,000
Contributionsno restrictions 2,300,000
Contributionspurpose restrictions 780,000
Contributionsendowment 2,650,000
Current pledges receivable 75,000
Education program expenses 1,555,000
Fund-raising expenses 116,000
Investment revenuepurpose restrictions 86,000
Training seminars expenses 4,456,000
Land, buildings, and equipment 5,500,000
Long-term investments 2,690,000
Management and general expenses 365,000
Net assets without donor restrictions 448,000
Net assets with donor restrictions 1,909,000
Net gains on endowments - no restrictions 17,500
Noncurrent pledges receivable 365,000
Program service revenue - no restrictions 5,592,000
Post-employment benefits payable (long-term) 188,000
ReclassificationSatisfaction of program restrictions 250,000
ReclassificationSatisfaction of time restrictions 205,000
ReclassificationSatisfaction of program restrictions 250,000
ReclassificationSatisfaction of time restrictions 205,000
Research program expenses 1,206,000
Short-term investments 750,000
Supplies inventory 32,000
Totals $ 17,734,500 $ 17,734,500

Required: a. Prepare closing entries for the year-end, using separate entries for each net asset classification. b. Prepare a Statement of Activities for the year ended December 31, 2020. c. Prepare a Statement of Financial Position as of December 31, 2020.

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