The Southside Counseling Center was established on January 10, 2020, to provide a variety of counseling services to community residents, including marital and family counseling and treatment for alcoholism and drug abuse. The centers initial resources were provided by a private foundation in the form of a $2,500,000 capital grant. Of this sum, the foundation designated $1,000,000 for building and equipment and $750,000 for the establishment of a special program for counseling parolees. The following transactions occurred during 2020: 1. Contributions of $1,200,000 were received through the local United Way campaign, and an additional $200,000 was received in direct contributions. Of the direct contributions, $20,000 was for the parolees program and $50,000 was for the building fund; the remaining $130,000, of which $60,000 was in the form of documented pledges expected to be collected within one year, was unrestricted. The pledges are estimated to be 85% collectible. End-of-year contributions expected to be received within one year are reported at net realizable value, with estimated uncollectibles netted against restricted contribution revenue. 2. Out-of-pocket operating expenses for the year were $1,400,000. Of the total, $950,000 are program expenses, $350,000 are administrative expenses, and the remainder are fund-raising expenses. $100,000 of the expenses were unpaid at year-end. 3. The special parolees program had not yet begun as of December 31, 2020. All resources dedicated to this program were invested in short-term securities. Investment income for the year, which was reinvested, was $30,000. There are no unrealized gains or losses on the securities. 4. The center obtained a $2,400,000 mortgage to purchase a building, and obtained a $300,000 3-year note to purchase equipment. The center also used the designated capital grant to finance these purchases; the total cost of the building and equipment was $3,700,000. 5. Interest of $140,000 was accrued and paid on the mortgage and note, all allocated to administrative expense. 6. Depreciation on the building and equipment is $190,000, all allocated to program expenses. Prepare Southsides statement of activities for 2020 and its statement of financial position at December 31, 2020. Use a negative sign with an answer for net assets released from restrictions and change in net assets, if appropriate. Otherwise, do not use negative signs. Southside Counseling Center Statement of Activities For the Year Ended December 31, 2020 Net Assets Without Donor Restrictions Net Assets With Donor Restrictions Revenues, gains, and other support: Contributions-General $Answer $Answer Contributions-Grant Answer Answer Contributions-Parolee program Answer Answer Contributions-Building fund Answer Answer Investment income Answer Answer Net assets released from restrictions Answer Answer Total revenues, gains and other support Answer Answer Expenses: Program expenses Answer Answer Administrative expenses Answer Answer Fund-raising expenses Answer Answer Total expenses Answer Answer Change in net assets Answer Answer Net assets, January 1, 2020 Answer Answer Net assets, December 31, 2020 $Answer $Answer Southside Counseling Center Statement of Financial Position December 31, 2020 Assets Cash $Answer Contributions receivable, net Answer Investments Answer Restricted cash Answer Building and equipment, net Answer Total assets $Answer Liabilities and net assets Liabilities: Accounts payable $Answer Note payable Answer Mortgage payable Answer Answer Net assets: Without donor restrictions Answer With donor restrictions Answer Answer Total liabilities and net assets $Answer