Steiner College’s statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college.

STEINER COLLEGE
Statement of Financial Position
June 30, 2019
(amounts in thousands)

Assets
Cash and cash equivalents ............................................................................................................................$ 734
Short-term investments .................................................................................................................................7,666
Tuition and fees receivable (net of doubtful accounts of $12) .....................................................................230
Pledges receivable (net of doubtful accounts of $280) ..............................................................................5,872
Prepaid assets .................................................................................................................................................1,364
Property, plant, and equipment (net of accumulated depreciation of $104,240) ..............................281,404
Investments (at fair value, cost of $162,000) ...........................................................................................158,400
Total assets ................................................................................................................................................$455,670
Liabilities and Net Assets
Liabilities:
Accounts payable and accrued liabilities ...............................................................................................$ 21,130
Deposits held in custody for others ................................................................................................................700
Unearned revenue ............................................................................................................................................900
Bonds payable ..............................................................................................................................................99,000
Total liabilities .............................................................................................................................................121,730
Net Assets:
Without donor restrictions .....................................................................................................................$104,000
With donor restrictions .............................................................................................................................229,940
Total net assets ..........................................................................................................................................333,940
Total liabilities and net assets ................................................................................................................$455,670

The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020.
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 cash contributions without donor restrictions of $2,080, pledges to be collected in 2021 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 net assets with donor restrictions.
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 donor restricted for scholarships.
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 investments restricted for scholarships, $1,610 was related to the permanent endowment, the remainder was related to net assets without donor restrictions).
9. Nominal accounts were closed.

Required
a. Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2020.
b. Prepare a statement of activities for the year ended June 30, 2020.
c. Prepare a statement of financial position for the year ended June 30, 2020.