- Upt Text Forward Backward. Pane Rotate Paragraph Problem Following is the trial balance for Press College, a parvarly funded collaps, as of January 1, 2011 thousands): $900 15,500 Cash Receivables Investments Buildings and equipment, net Accrued liabilities Long-term debt Unrestricted net assets Temporarily restricted net assets Permanently restricted net assets 10.000 4,000 2.000 3,850 Total Events for 2018 are as follows (in thousands) 1. Tution and fees are $7,000, of which $2,000 is waxined for praduate teachi s tantships and $1.000 is covered by scholarships $3.950 is collected in cash. All tuon and fees relate to 2018 2. Operating expenses for salaries, utilities, research programs, etc. are $8,500, all paid in cash Accrued liabilities of $650 were paid in cash Depreciation on the brandings and equipment is $200 3. An unrestricted state appropriation of $3,000 is received in cash 4. Cash donations and puts for equ a t replacement are as follows: Restricted to equipment replacement $500 Restricted to research projects 300 5. $900 of donor-restricted cash is spent to replace equipment S100 of donor-restricted cash as spent for research projects (included in ltem 2 above) AG H V Align Group Line Numbers - Hyphenation et Right lopt Altec 10 pt tion We BringSend Selection - Text Forward - Backward - Part - 2 Unrestricted el acts Temporanly restricted net asets Permanently restricted net assets Total 2.000 3.850 $20.650 $20.6SD Events for 2018 are as follows (in thousands) 1. Testion and focs are $7,000, of which $2.000 is waived for prale teaching assistantships and $1,000 is covered by scholarships $3,950 is collected in cash. All tuition and fees relate to 2018 2. Operating expenses for salaries, utilities, research programs, etc. are $8,500, all paid in cash Accrual liabilities of S650 were paid in cash Depreciation on the buildings and equipenent is $200 3. An unrestricted state appropriation of $3.000 is received in cash 4. Cash donations and gifts for equipoca roplacement are as follows: Restricted to equipment replacement S500 Restricted to research projects 300 5.5900 of donor restricted cash is spent to replace equipment. $100 of donor-restricted cash is spent for research projects (uncreded in ltem 2 above) 6. $175 is spent to service the long-term debt (S100 for interest, and $75 for principal: the interest is not included in Item 2 above) 7. Investment income, received in cash, is $2.000, of which $300 is donor restricted to research programs. Donor restricted cash used for research programs is $250, included in Item 2 above. Investments have a fur value of $4,200 at year-end Unrealized gains and losses are restricted Required: a Prepare journal entries to record the transaction. Indicate whether each entry would affect restricted, temporarily restricted, or permanent restricted net assets. b. Present Prentiss College's statement of activities for 2018 c. Present Prentiss College's statement of financial position as of December 31, 2018 Prisc Insent Backspace RTYUIO P F G H - Upt Text Forward Backward. Pane Rotate Paragraph Problem Following is the trial balance for Press College, a parvarly funded collaps, as of January 1, 2011 thousands): $900 15,500 Cash Receivables Investments Buildings and equipment, net Accrued liabilities Long-term debt Unrestricted net assets Temporarily restricted net assets Permanently restricted net assets 10.000 4,000 2.000 3,850 Total Events for 2018 are as follows (in thousands) 1. Tution and fees are $7,000, of which $2,000 is waxined for praduate teachi s tantships and $1.000 is covered by scholarships $3.950 is collected in cash. All tuon and fees relate to 2018 2. Operating expenses for salaries, utilities, research programs, etc. are $8,500, all paid in cash Accrued liabilities of $650 were paid in cash Depreciation on the brandings and equipment is $200 3. An unrestricted state appropriation of $3,000 is received in cash 4. Cash donations and puts for equ a t replacement are as follows: Restricted to equipment replacement $500 Restricted to research projects 300 5. $900 of donor-restricted cash is spent to replace equipment S100 of donor-restricted cash as spent for research projects (included in ltem 2 above) AG H V Align Group Line Numbers - Hyphenation et Right lopt Altec 10 pt tion We BringSend Selection - Text Forward - Backward - Part - 2 Unrestricted el acts Temporanly restricted net asets Permanently restricted net assets Total 2.000 3.850 $20.650 $20.6SD Events for 2018 are as follows (in thousands) 1. Testion and focs are $7,000, of which $2.000 is waived for prale teaching assistantships and $1,000 is covered by scholarships $3,950 is collected in cash. All tuition and fees relate to 2018 2. Operating expenses for salaries, utilities, research programs, etc. are $8,500, all paid in cash Accrual liabilities of S650 were paid in cash Depreciation on the buildings and equipenent is $200 3. An unrestricted state appropriation of $3.000 is received in cash 4. Cash donations and gifts for equipoca roplacement are as follows: Restricted to equipment replacement S500 Restricted to research projects 300 5.5900 of donor restricted cash is spent to replace equipment. $100 of donor-restricted cash is spent for research projects (uncreded in ltem 2 above) 6. $175 is spent to service the long-term debt (S100 for interest, and $75 for principal: the interest is not included in Item 2 above) 7. Investment income, received in cash, is $2.000, of which $300 is donor restricted to research programs. Donor restricted cash used for research programs is $250, included in Item 2 above. Investments have a fur value of $4,200 at year-end Unrealized gains and losses are restricted Required: a Prepare journal entries to record the transaction. Indicate whether each entry would affect restricted, temporarily restricted, or permanent restricted net assets. b. Present Prentiss College's statement of activities for 2018 c. Present Prentiss College's statement of financial position as of December 31, 2018 Prisc Insent Backspace RTYUIO P F G H