Create journal entries for the following:

Problem 2: (20 Points) Nongovernmental Not-for-Profit Transactions Eldercare was formed as a not-for-profit organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $17,000 a year. 2. A fund drive raised $90,000 in cash and $50,000 in pledges that will be paid within one year. 3. A state government grant of $75,000 was received in cash. The which is restricted for a specific education program related to public health education. 4. Salaries and fringe benefits paid during the year amounted to $104,280 5. A donor pledged $50,000 for construction of a new building, payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be $47,130. 6. Office equipment was purchased for $6,000. Office furniture with a fair value of $4,800 was donated by a local office supply company. Furniture and equipment are considered net assets without donor restrictions by INFORMED. 7. Telephone expense for the year was $2,600, printing and postage expense was $8,000 for the year, utilities for the year were $4,150, and supplies expense was $2,275 for the year. 8. Volunteers contributed $7,500 of time to help with answering the phones, mailing materials, and various other clerical activities. 9. It is estimated that $5,000 of the pledges made for the 2021 year will not be collected. 10. Net assets in the amount of $75,000 were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes.