Would you please provide the step by step solution for Chapter 14 Problem 23EP?

I am needing help with step by step solution for required questions B - D in the last picture.

Best Tyler SIS 360 A Log in to Carwas GLO-BUS J MyCulver Free APA Citation G... INN gg Study Textbook Solutions Expert Q&A Practice Chapter 14 Problem 23EP Bookmark Show all steps ON Problem Recording and Reporting Transactions. The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art 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 part-time administrator, a part-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 Art League. The post-closing trial balance for the Art League as of June 30, 2019, is shown here. ART LEAGUE Post-closing Trial Balance June 30, 2019 Credits Debits $ 3,015 12.111 4,600 1.060 9.345 Cash Short term Investments Grants Receivable Prepaid Expense Equipment Allowance for Depreciation Equipment Long-term investments-With Donor Restrictions Accounts Payable and Accred Expenses Deferred Revenue P. w $. 2.425 5,767 5.767 2.649 2.800 NEN ovemen x og.com/homework help/comprehenturve-set-transactions city lynnwood-recently incorp-chapter-14.probler hole. Tyler SiS 360 A Log in to Canvas GLO-BUS J MyOulver Free APA Citation G... N egg Study Textbook Solutions Expert Q&A Practice Chapter 14, Problem 23EP Bookmark Show all steps ON ART LEAGUE Post closing Trial Balanco June 30, 2019 Credits Dobits $ 3,015 12,111 4,600 1,060 9.345 $ 2426 Cash Short-term Investments Grants Receivable Prepaid Expense Equipment Allowance for Depreciation Equipment Long-term Investments With Donor Restrictions Accounts Payable and Accrued Expenses Deferred Revenue Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions Permanent Endowment Totals 5.767 2,649 2.800 9.011 13 245 5.767 $35,898 $35 898 Following is information summarizing the transactions of the Art League for the year ended June 30, 2020 1. During the year, unrestricted cash was received from the following sources grants $11,600 of which 54,600 had been reported as receivable on June 30, 2019 annual contributions from fund drives and other unrestricted gifts 513,861 membership dues $16.285 tuition and fees for educational workshops $6,974 and sales of members art $12.010, of which 20 percent represents commissions eamed by the Art League 2 Interest earnings were as follows interest on investments without donor restrictions totaled w e N (hp 1.com/homework-help/comprehensive-set-transactions-city-lynnwood-recently incorp-chapter-14-problem-23 wille S... Tyler SIS 360 A Log in to Canvas GLO-BUS J MyCulver Free APA Citation G... N Nets Egg Study Textbook Solutions Expert Q&A Practice Chapter 14, Problem 23EP Bookmark Show all steps ON 2. Interest earnings were as follows: interest on investments without donor restrictions totaled $686, interest on investments restricted for programs totaled $925, interest on investments in the permanent endowment totalled $344 (these investment earnings are restricted for program use). 3. Grants receivable as of year-end totaled $5,020, of which $3,120 was eamed in the current year (thus without donor restrictions) and $1,900 was reported as deferred revenue. 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 benefits, $46,900, utilities $3,080, printing and postage, $1,310, and miscellaneous, $640. As of year-end, the balances of the following accounts were Prepaid Expenses. $840, and Accounts Payable and Accrued Expenses, $2,746. 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 for the provision of free art instruction for children with disabilities was provided 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. Expenses 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 (Round to the nearest dollar) . 10 Rancadeadas commicciarchadith Adattaladie. This w 9 P2 N] N an vernmen X J.com/homework-help/comprehensive-set-transactions-city-lynnwood-recently incorp-chapter-14-problem- wille S... Tyler SIS 360 Log in to Canvas GLO-BUS J MyCulver Free APA Citation G. N Net egg Study Textbook Solutions Expert Q&A Practice Chapter 14, Problem 23EP Bookmark Show all steps: ON 8. Depreciation on equipment in the amount of $1,642 was recorded. 9. Expenses 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 (Round to the nearest dollar) 10. Proceeds of art sales, net of commissions charged by the Art League, totaled $9,608. This amount was paid to member artists during the year 11. All nominal accounts were closed at year-end. Required a. On the advice of its independent auditor the Art League does not record support and expenses related to the value of services donated by the volunteers. Discuss the criteria for recognition of donated services, and comment on the auditor's likely rationale for not recognizing them in this case. b. Make all necessary journal entries to record these transactions. Expense transactions should be initially recorded by object classification unless otherwise instructed in entry 9, expenses will be allocated to functions. c. Prepare a statement of activities for the year ended June 30, 2020 d. Prepare a statement of financial position for the year ended June 30, 2020 Step-by-step solution N] NI p2 w , Best Tyler SIS 360 A Log in to Carwas GLO-BUS J MyCulver Free APA Citation G... INN gg Study Textbook Solutions Expert Q&A Practice Chapter 14 Problem 23EP Bookmark Show all steps ON Problem Recording and Reporting Transactions. The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art 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 part-time administrator, a part-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 Art League. The post-closing trial balance for the Art League as of June 30, 2019, is shown here. ART LEAGUE Post-closing Trial Balance June 30, 2019 Credits Debits $ 3,015 12.111 4,600 1.060 9.345 Cash Short term Investments Grants Receivable Prepaid Expense Equipment Allowance for Depreciation Equipment Long-term investments-With Donor Restrictions Accounts Payable and Accred Expenses Deferred Revenue P. w $. 2.425 5,767 5.767 2.649 2.800 NEN ovemen x og.com/homework help/comprehenturve-set-transactions city lynnwood-recently incorp-chapter-14.probler hole. Tyler SiS 360 A Log in to Canvas GLO-BUS J MyOulver Free APA Citation G... N egg Study Textbook Solutions Expert Q&A Practice Chapter 14, Problem 23EP Bookmark Show all steps ON ART LEAGUE Post closing Trial Balanco June 30, 2019 Credits Dobits $ 3,015 12,111 4,600 1,060 9.345 $ 2426 Cash Short-term Investments Grants Receivable Prepaid Expense Equipment Allowance for Depreciation Equipment Long-term Investments With Donor Restrictions Accounts Payable and Accrued Expenses Deferred Revenue Net Assets Without Donor Restrictions Net Assets With Donor Restrictions-Programs Net Assets With Donor Restrictions Permanent Endowment Totals 5.767 2,649 2.800 9.011 13 245 5.767 $35,898 $35 898 Following is information summarizing the transactions of the Art League for the year ended June 30, 2020 1. During the year, unrestricted cash was received from the following sources grants $11,600 of which 54,600 had been reported as receivable on June 30, 2019 annual contributions from fund drives and other unrestricted gifts 513,861 membership dues $16.285 tuition and fees for educational workshops $6,974 and sales of members art $12.010, of which 20 percent represents commissions eamed by the Art League 2 Interest earnings were as follows interest on investments without donor restrictions totaled w e N (hp 1.com/homework-help/comprehensive-set-transactions-city-lynnwood-recently incorp-chapter-14-problem-23 wille S... Tyler SIS 360 A Log in to Canvas GLO-BUS J MyCulver Free APA Citation G... N Nets Egg Study Textbook Solutions Expert Q&A Practice Chapter 14, Problem 23EP Bookmark Show all steps ON 2. Interest earnings were as follows: interest on investments without donor restrictions totaled $686, interest on investments restricted for programs totaled $925, interest on investments in the permanent endowment totalled $344 (these investment earnings are restricted for program use). 3. Grants receivable as of year-end totaled $5,020, of which $3,120 was eamed in the current year (thus without donor restrictions) and $1,900 was reported as deferred revenue. 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 benefits, $46,900, utilities $3,080, printing and postage, $1,310, and miscellaneous, $640. As of year-end, the balances of the following accounts were Prepaid Expenses. $840, and Accounts Payable and Accrued Expenses, $2,746. 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 for the provision of free art instruction for children with disabilities was provided 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. Expenses 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 (Round to the nearest dollar) . 10 Rancadeadas commicciarchadith Adattaladie. This w 9 P2 N] N an vernmen X J.com/homework-help/comprehensive-set-transactions-city-lynnwood-recently incorp-chapter-14-problem- wille S... Tyler SIS 360 Log in to Canvas GLO-BUS J MyCulver Free APA Citation G. N Net egg Study Textbook Solutions Expert Q&A Practice Chapter 14, Problem 23EP Bookmark Show all steps: ON 8. Depreciation on equipment in the amount of $1,642 was recorded. 9. Expenses 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 (Round to the nearest dollar) 10. Proceeds of art sales, net of commissions charged by the Art League, totaled $9,608. This amount was paid to member artists during the year 11. All nominal accounts were closed at year-end. Required a. On the advice of its independent auditor the Art League does not record support and expenses related to the value of services donated by the volunteers. Discuss the criteria for recognition of donated services, and comment on the auditor's likely rationale for not recognizing them in this case. b. Make all necessary journal entries to record these transactions. Expense transactions should be initially recorded by object classification unless otherwise instructed in entry 9, expenses will be allocated to functions. c. Prepare a statement of activities for the year ended June 30, 2020 d. Prepare a statement of financial position for the year ended June 30, 2020 Step-by-step solution N] NI p2 w