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 Contributions-purpose restrictions Contributions-endowment Current pledges receivable Fund-raising expenses Education program expenses Training seminars expenses Investment revenue-purpose restrictions Land, buildings, and equipment Long-term investments. Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments no restrictions. Noncurrent pledges receivable. Program service revenue. no restrictions Post-employment benefits payable (long-term) Reclassification-Satisfaction of progrom restrictions Reclassification-Satisfaction of time restrictions Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments Supplies inventory Totals Debits Credits $ 23,500 $ 45,000 15,500 3,250.500 109,000 35,000 2,bee, eee 730,000 2,650,000 75,000 10.000 86,000 4.456.000 5,500,000 2,600.000 65.000 448,000 1,900,000 37.500 365,000 5,592,000 188,000 250,00 205,000 250,000 205,000 1,206,000 750,000 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. Required A Required B Required C Prepare closing entries for the year-end, using separate entries for each net asset classification. (If no entry is required for a transaction/event, select "No Joumal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the year-end closing entry for net assets without donor restrictions. Note: Enter debts before credits, Event 1 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Required C Prepare a Statement of Activities for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) Revenues COMBUDSMAN FOUNDATION Statement of Activities For the Year Ended December 31, 2020 Net Assets without Donor Restrictions Net Assets with Donor Restrictions Total Program Service Revenue Contribution Revenues Contributed Services Investment Revenue Net Gains on Endowment Investments Net Assets Released from Restriction. Satisfaction of Time Restrictions Satisfaction of Program Restrictions Total Revenues Expenses Training Seminar Expenses Education Program Expenses Research Program Expenses Total Program Service Expenses Fund-Raising Expenses Management and General Expenses Total Supporting Service Expenses Total Expenses Increase in Net Assets Net Assets January 1 S 0 0 0 0 0 0 0 D 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Assets December 31 $ 0 $ 0 S 0 Current Assets: Statement of Faticial rositio As of December 31, 2020 Receivables: Total Current Assets Noncurrent Assets: Total Noncurrent Assets Total Assets Current Liabilities: 1 Total Current Liabilities Noncurrent Liabilities: Total Noncurrent Liabilities. Total Liabilities Net Assets: $ $ 0 $ 0 0 S 0 Total Net Assets $ 0 Total Liabilities and Net Assets S 0