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