The post-closing trial balance of Shikellamy College had the following balances as of December 31, 2017:

Accounts payable	$30,000
Accounts receivable	300,000
Accumulated depreciation	130,000
Allowance for uncollectible accounts	40,000
Buildings and equipment	350,000
Cash	80,400
Investments	210,000
Land	100,000
Mortgage payable	220,000
Payroll taxes payable	12,000
Permanently restricted net assets	210,000
Temporarily restricted net assets	12,500
Unrestricted net assets	385,900


Required

Prepare a statement of financial position for Shikellamy College on December 31, 2017.

L11 Assignment 5: Freedom University

Freedom University had the following closing entries for the year ended June 30, 2017.

Reclassification to unrestricted net assets
Satisfaction of program restrictions	$360,000
Unrestricted revenues: tuition and fees	3,915,000
Contributions: unrestricted	320,000
Revenues: investment income unrestricted	250,000
Revenues: auxiliary enterprises unrestricted	2,500,000
Gains on investments: unrestricted	50,000
Unrestricted net assets		1,045,000
Instruction expense		1,400,000
Research expense		800,000
Public service expense		600,000
Auxiliary enterprise expense		2,000,000
Institutional support expense		1,250,000
Student services expense		300,000
Contributions: temporarily restricted	430,000
Reclassification from temporarily restricted net assets		360,000
Temporarily restricted net assets		70,000
Contributions: permanently restricted	805,000
Permanently restricted net assets		805,000

Required

1. Prepare a statement of unrestricted revenues, expenses, and other changes in unrestricted net assets.
2. Prepare a statement of changes in net assets for the year ending June 30, 2017, assuming the June 30, 2016, balances in net assets are as follows: $2,050,000 unrestricted; $830,000 temporarily restricted; and $4,000,000 permanently restricted.