Exercise 14-25 (Stotic) Recording and Reporting Transactions [LO 14-3, 14-5] Whe following information applies to the questions displayed below] The Art league is a not-for-profit organization dedicated to promoting the arts within the community. There are fwo programs conducted by the Ant League: (1) exhibition and sales of members' art (referred to as Exhibition) and (2) Community Art Education. Activities of the Art League are conducted by a pat-time administrator, a port time secretary. bookkeeper, and several part-time volunteers. The volunteers greet visitors, monitor the security of the exhibit hall, and handle the sales of art to the public. Art on exhibit is considered the property of the member artists, not the Aft League. The post-closing thal balance for the Art League as of June 30, 2022, is shown here. Following is information summarizing the transactions of the Art League for the year ended June 30 , 2023 . 1. During the yeat, cash was recelved from the following sources. grants that had been reported as a rece-vable on June 30 , 2022 , 54 , 600 , annual contributions without donor restrictions from fund drives and other uniestricted gifts. \$20,86t. membership dues, $16 , 285 , tuibon and fees for educational workshops, $6 , 974 , and sales of members' art. $12010 of which 20 percent represents commissions eamed by the Art League. 2 intereit eamings were as follows. interest on imvestments without donor restrictions totaled 5686 ; interest on mwestmerts restricted for programs totaled 5925 , interest on imvestments in the permanent endowment totaled 5344 . (these inveitment earnings are restricted for program use) 3. A grant recelvable of $5 , 020 was recorded at year-end on a grant to complete and deliver a survey of art programs conducted in the county (the grant was determined to be an exchange transaction). The $5.020 the Art League invoiced related to work done this year 4. The Art League receives free rent from the city at an estimated value of $18 , 000 a year. 5. Expenses incurred during the year were as follows: salaries and fringe benelits, $46 , 900 ; utilites, 53,080 ; printing and postage, $1 , 310 ; and miscellaneous, 5640 . As of yeat-end, the balances of the following accounts were Prepaid Expenses, \$840, and Accounts Payable and Accrued Expenses, $2746 6. During the year, $2 , 900 of short-term investments were sold, with the proceeds used to purchase two computers and a printer at a cost of $2.835 . The resources used were restricted for the purchase of equipment. 7. In accordance with the terms of the Art League endowment. income eamed by the endowment was used to provide tree art instruction for children whh disabilities at a cost of $825 . This amount was allocated to community art education 8. Depreciation on equipment in the amount of $1 , 642 was recorded 9. Expenises for the year were allocated 30 percent to Exhibition Program, 30 percent to Community Art Education, 25 percent to Management and General Expenses, and 15 percent to Fund-Raising 10. Proceeds of art sales, net of commissions charged by the Art League, totaled 59,608 . This amount was paid to member artists during the year. 11. All nominal accounts were closed at year-end d Prepare a statement of financial position for the year ended June 30, 2023. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount) Exercise 14-25 (Stotic) Recording and Reporting Transactions [LO 14-3, 14-5] Whe following information applies to the questions displayed below] The Art league is a not-for-profit organization dedicated to promoting the arts within the community. There are fwo programs conducted by the Ant League: (1) exhibition and sales of members' art (referred to as Exhibition) and (2) Community Art Education. Activities of the Art League are conducted by a pat-time administrator, a port time secretary. bookkeeper, and several part-time volunteers. The volunteers greet visitors, monitor the security of the exhibit hall, and handle the sales of art to the public. Art on exhibit is considered the property of the member artists, not the Aft League. The post-closing thal balance for the Art League as of June 30, 2022, is shown here. Following is information summarizing the transactions of the Art League for the year ended June 30 , 2023 . 1. During the yeat, cash was recelved from the following sources. grants that had been reported as a rece-vable on June 30 , 2022 , 54 , 600 , annual contributions without donor restrictions from fund drives and other uniestricted gifts. \$20,86t. membership dues, $16 , 285 , tuibon and fees for educational workshops, $6 , 974 , and sales of members' art. $12010 of which 20 percent represents commissions eamed by the Art League. 2 intereit eamings were as follows. interest on imvestments without donor restrictions totaled 5686 ; interest on mwestmerts restricted for programs totaled 5925 , interest on imvestments in the permanent endowment totaled 5344 . (these inveitment earnings are restricted for program use) 3. A grant recelvable of $5 , 020 was recorded at year-end on a grant to complete and deliver a survey of art programs conducted in the county (the grant was determined to be an exchange transaction). The $5.020 the Art League invoiced related to work done this year 4. The Art League receives free rent from the city at an estimated value of $18 , 000 a year. 5. Expenses incurred during the year were as follows: salaries and fringe benelits, $46 , 900 ; utilites, 53,080 ; printing and postage, $1 , 310 ; and miscellaneous, 5640 . As of yeat-end, the balances of the following accounts were Prepaid Expenses, \$840, and Accounts Payable and Accrued Expenses, $2746 6. During the year, $2 , 900 of short-term investments were sold, with the proceeds used to purchase two computers and a printer at a cost of $2.835 . The resources used were restricted for the purchase of equipment. 7. In accordance with the terms of the Art League endowment. income eamed by the endowment was used to provide tree art instruction for children whh disabilities at a cost of $825 . This amount was allocated to community art education 8. Depreciation on equipment in the amount of $1 , 642 was recorded 9. Expenises for the year were allocated 30 percent to Exhibition Program, 30 percent to Community Art Education, 25 percent to Management and General Expenses, and 15 percent to Fund-Raising 10. Proceeds of art sales, net of commissions charged by the Art League, totaled 59,608 . This amount was paid to member artists during the year. 11. All nominal accounts were closed at year-end d Prepare a statement of financial position for the year ended June 30, 2023. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount)