Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2012.

Assume the January 1, 2012, net asset balances are as follows: $1,000,000 unrestricted net assets; $300,000 temporarily restricted net assets; and $1,700,000 permanently restricted net assets.
a. Prepare a Statement of Activities using the format presented in Illustration 10€“1.
b. Prepare a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets together with a Statement of Changes in NetAssets.

Debits Credits Revenues-Unrestricted Tuition and Fees Revenues-Unrestricted Unrestricted Income on $11,200,000 40,000 5,000,000 Revenues-Unrestricted Sales and Services of Auxiliary Enterprises Revenues-Unrestricted Contributions Reclassifications to Unrestricted Net Assets- 100,000 640,000 1,160,000 Satisfaction of Program Restrictions Satisfaction of Plant Acquisition Restrictions Tuition Discount Unrestricted- Student Aid... Instruction Expense Research Expense Public Service Expense Institutional Support Expense Student Services Expense. Auxiliary Enterprise Expense Net Assets-Unrestricted-Undesignated $110,000 7,000,000 4,500,000 1,200,000 700,000 150,000 3,500,000 980,000 Revenues-Temporarily Restricted Contributions Revenues- Temporarily Restricted-Grants 1,500,000 950,000 Net Assets Satisfaction of Program Restrictions 640,000 Assets-Satisfaction of Plant Acquisition Restrictions Net Assets-Temporarily Restricted 1,160,000 650,000 Revenues-Permanentiy Restricted Contributions.... 2,540.000 Gains on Long-Term Investments. 750,000 3.290,000