Hello. I need help with parts b) and c) below.

Part b) is the "Statement of Activities." Can you tell me what the correct amount should go into the "red x" that appears (explain please)? Also, can you tell me if I am missing any revenue accounts or expense accounts?

Part c) is the "Statement of Financial Position". Can you tell me what the correct amounts should go into the "red x" that appears (explain please)? Also, can you tell me if I am missing any accounts under assets, liabilities, or net position?

Thanks so much.

[The following information applies to the questions displayed below.] INVOLVE was incorporated as a not-for-profit voluntary health and welfare 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 $35,100 a year.
2. A fund drive raised $185,500 in cash and $101,000 in pledges that will be paid within one year. A state government grant of $151,000 was received for program operating costs related to public health education.
3. Salaries and fringe benefits paid during the year amounted to $208,660. At year-end, an additional $16,100 of salaries and fringe benefits were accrued.
4. A donor pledged $101,000 for construction of a new building, payable over five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be $94,360.
5. Office equipment was purchased for $12,100. The useful life of the equipment is estimated to be four years. Office furniture with a fair value of $9,700 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered net assets without donor restrictions by INVOLVE.
6. Telephone expense for the year was $5,300, printing and postage expense was $12,100 for the year, utilities for the year were $8,400 and supplies expense was $4,400 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $3,700.
7. Volunteers contributed $15,100 of time to help with answering the phones, mailing materials, and various other clerical activities.
8. It is estimated that 80 percent of the pledges made for the 2021 year will be collected. Depreciation expense is recorded for the full year on the assets recorded in item 5.
9. All expenses were allocated to program services and support services in the following percentages: public health education, 40 percent; community service, 20 percent; management and general, 20 percent; and fund-raising, 20 percent.
10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes.
11. All nominal accounts were closed to the appropriate net asset accounts.

Required

1. Prepare journal entries to record these transactions. Expense transactions should be initially recorded by object classification; in entry 10 expenses will be allocated to functions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round the intermediate and final answers to the nearest dollar amount.)

2. Prepare a statement of activities for the year ended December 31, 2020. (Amounts to be deducted should be indicated with a minus sign. Round the intermediate and final answers to the nearest dollar amount.)

c. Prepare a statement of financial position for the year ended December 31, 2020. (Round the intermediate and final answers to the nearest dollar amount.)

Answer is complete and correct. General Journal Credit No A Transaction 01 Debit 35,100 Rent Expense Contributions-Without Donor Restrictions 35,100 02 Contributions Receivable Cash ContributionsWithout Donor Restrictions 101,000 336,500 185,500 ContributionsWith Donor RestrictionsProgram 252,000 C 03 224,760 Salaries and Benefits Expense Cash Salaries and Benefits Payable 208,660 16,100 04 101,000 Contributions Receivable ContributionsWith Donor RestrictionsTime Discount on Contributions Receivable 94,360 6,640 05 21,800 Equipment and Furniture Cash Contributions Without Donor Restrictions 12,100 9,700 Telephone Expense Printing and Postage Expense Utilities Expense Supplies Expense Cash Accounts Payable OOOO 5,300 12,100 8,400 4,400 26,500 3,700 07 No Journal Entry Required 8(a) Provision for Uncollectible Pledges 20,200 Allowance for Uncollectible PledgesUnrestricted 20,200 8(b) 3,995 Depreciation Expense Allowance for Depreciation Equipment and Furniture 3,995 125,702 62,851 62,851 62,851 Public Health Education Program Community Service Program Management and General Fund-Raising Salaries and Benefits Expense Rent Expense Telephone Expense Printing and Postage Expense Utilities Expense Supplies Expense Depreciation Expense Provision for Uncollectible Pledges OOOOOOO 224,760 35,100 5,300 12,100 8,400 4,400 3,995 20,200 Net Assets ReleasedSatisfaction of Purpose RestrictionWith Dor 125,702 Net Assets ReleasedSatisfaction of Purpose RestrictionWith 125,702 11(a) 230,300 83,955 Contributions-Without Donor Restrictions Net Assets Without Donor Restrictions Public Health Education Program Community Service Program Management and General Fund-Raising 125,702 62,851 62,851 62,851 11(b) ContributionsWith Donor Restrictions Program 252,000 ContributionsWith Donor RestrictionsTime 94,360 Net Assets With Donor Restrictions 346,360 11(c) Net Assets With Donor Restrictions 125,702 Net Assets ReleasedSatisfaction of Purpose RestrictionWith 125,702 0 11(d) Net Assets Released-Satisfaction of Purpose Restriction-Without 125,702 Net Assets Without Donor Restrictions 125,702 Answer is complete but not entirely correct. INVOLVE Statement of Activities For the Year Ended December 31, 2020 Without Donor Restrictions Revenue and Other Support: Contributions $ 230,300 Net Assets Released from Restriction Satisfaction of Purpose 125,702 With Donor Restrictions Total $ 346,360 125,702 $ 576,660 251,404 356,002 472,062 828,064 0 Total Revenue and Other Support Expenses: Public Health Education Community Service Management and General Fund-Raising 125,702 62,851 62,851 62,851 125,702 62,851 62,851 62,851 314,255 5 13,809 Total Expenses Increase in Net Assets Beginning Net Assets Ending Net Assets 314,255 41,747 0 41,747 0 472,062 0 472,062 $ $ $ 513,809 Answer is complete but not entirely correct. INVOLVE Statement of Financial Position December 31, 2020 Assets $ Cash Contributions Receivable Equipment and Furniture 89,240 202,000 X 21,800 x Total Assets $ 313,040 Liabilities Accounts Payable Salaries and Benefits Payable 3,700 16,100 Total Liabilities 19,800 Net Assets Without Donor Restrictions With Donor Restrictions 230,300 346,360 Total Net Assets Total Liabilities and Net Assets 576,660 596,460 $