Steiner College's statement of financial position for the year ended June 30, 2016, is presented here. Steiner is a private college.

The following transaction information (amounts in thousands) pertains to the year ended June 30, 2017.
1. During the year charges for tuition and fees were $244,500; scholarships were $16,300; and tuition waivers for scholastic achievement were $5,100. After payment was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued.
2. The college received unrestricted cash contributions of $2,080, pledges to be collected in 2018 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were unrestricted.
3. Collections on Tuition and Fees Receivable totaled $222,600
4. Net deposits returned to students totaled $10.
5. Expenses were incurred for:
Instruction.......................... $86,100
Academic support.................. 23,300
Student services.................... 37,700
Institutional support............... 28,500
Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,320 in temporarily restricted net assets.
6. The ending balance in Accounts Payable and Accrued Liabilities was $1,935.
7. Investment earnings received for the period were $3,960, of which $2,070 was temporarily restricted.
8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of $26,400 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,700 ($790 was related to temporarily restricted net assets, $1,610 was related to permanently restricted net assets, the remainder was related to unrestricted net assets).
9. Nominal accounts were closed.
Required
a. Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2017.
b. Prepare a statement of activities for the year ended June 30, 2017.
c. Prepare a statement of financial position for the year ended June 30, 2017.

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STEINER COLLEGE Statement of Financial Position June 30, 2016 (amounts in thousands) Assets Cash and cash equivalents Short-term investments Tuition and fees receivable (net of doubtful accounts of $12) Pledges receivable (net of doubtful accounts of $280) Prepaid assets Property, plant, and equipment (net of accumulated depreciation $ 734 7,666 230 5,872 1,364 of $104,240) Investments (at fair value, cost of $162,000) 281,404 158,400 455,670 Total assets Liabilities and Net Assets Liabilities: Accounts payable and accrued liabilities Deposits held in custody for others Unearned revenue Bonds payable $21,130 700 900 99,000 121,730 Total liabilities Net Assets Unrestricted Temporarily restricted Permanently restricted $104,000 33,040 196,900 Total net assets 333,940 455,670 Total liabilities and net assets