Winter Agency, is a private not$-$for$-$profit organization. It starts the year with the following:

$\backslash$table$[[$Cash$,100,000],[$Pledges receivable, net,$200,000],[$Investments$,300,000],[$Property$,$ plant and equipment,$400,000]]$

Liabilities $,200,000$

Net assets without donor restriction $400,000$

Net assets with donor restriction $400,000$

Net assets with donor restrictions are for:

New building $,50,000$

Salaries $-$ Program director$-$Services $50,000$

Endowment $-$ income not restricted $300,000$

Winter's programs include Advocacy, Education, and Services. Prepare the entries for the following transactions that occurred during the year:

Received an additional pledge of $$100,000$ to be received over $5$ years having a present value of $$73,000.$ Computed "interest" of $20,000$ on all pledges receivable.

Received cash of $$100,000$ on the pledges and wrote off another $$4,000$ as uncollectible.

Received unrestricted cash gifts of $$150,000.$

Paid salaries of $$90,000.$ $$15,000$ of that amount was for the Program director; $$25,000$ was for Advocacy, $$15,000$ was for Education, $$10,000$ was for Fundraising, and the remainder for administrative functions.

Received a cash gift of $$10,000$ that Winter must forward to Summer Organization. However, Winter has the right to give the money to another organization if it so chooses.

$6.$ Bought a building for $$500,000$ by signing a mortgage for $$450,000,$ and restricted net assets for the reminder.

Collected membership dues of $$20,000.$

Received income of $$25,000$ on endowment assets.

Paid rent of $$12,000,$ advertising of $$15,000,$ and utilities of $$16,000.$ Building expenses are divided equally among the three programs, fundraising and administration. The purpose of the advertising was to keep the organization's name before prospective donors.

The agency held a $5-K$ race to raise funds for its operations. A company was hired for $$2,000$ to mark the course and provide timing equipment and race supplies. $$12,000$ was raised.

Depreciation expense was $$40,000.$ It is considered a building expense for purposes of allocation.

A payment of $$15,000$ was made on the mortgage. $$5,000$ was principal, $$10,000$ for interest. Interest is considered a building expense for purposes of allocation.