The Learning Institute has presented its statement of financial position for the 2023 fiscal year.

Required

Upon reviewing the statement, you realize that it is not presented in compliance with the FASB standards. To help the Learning Institute correct the statement, make a list of the corrections or modifications that should be made to the statement so it can be presented in the proper format.

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LEARNING INSTITUTE Statement of Financial Position As of December 31, 2023 Assets Cash and cash equivalents Short and long-term investments Conditional pledges Contributions receivable Supplies and other prepaid expenses Land Buildings (net of accumulated depreciation of $63,420) [quipment (net of accumulated depreciation of $92,642) Total assets Liabilities and Net Assets Accounts payable Mortgage payable Accrued liabilities Without donor restrictions With donor restrictions Donor restricted for operations Debt-covenant restricted Permanent endowment Board-designated Total liabilities and net assets $283,802 1,371,143 62,000 224,372 43,258 210,000 561,627 144,230 $2,900,432 $ 52,350 488,372 24,963 519,980 177,892 61,875 1,225,000 350,000 $2,900,432