Help & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private not-for-profit entity that operates in Missouri. The leaders of these two organizations have decided to combine forces on January 1, 2020, in order to have a bigger impact from their work. They are currently discussing ways by which this combination can be created. The following are statements of financial position for both charities at that date. Statement of Financial Position HELP & SAVE January 1, 2020 Assets Cash Contributions receivable (net) Investments Buildings & equipment (net) Total assets $1,640,000 70,000 320,000 720,000 $2,758,000 Liabilities Notes payable Total liabilities Net Assets Accounts payable and accrued liabilities. Net assets without donor restrictions Net assets with donor restrictions Total net assets Total liabilities and net assets $130,000 1,120,000 $1,250,000 $1,140,000 368,000 $1,500,000 $2,758,000 SWIN FOR SAFETY Statement of Financial Position January 1, 2020. Assets Cash Contributions receivable (net) Investments Buildings & equipment (net) Total assets $540,000 210,000 190,000 610,000 $1,558,000 Liabilities Accounts payable and accrued liabilities, $110,000 Notes payable 640,000 Total liabilities $750,000 Net Assets Net assets without donor restrictions $440,000 Net assets with donor restrictions Total net assets Total liabilities and net assets. 368,000 5008,000 $1,550,000 Assets Statement of Financial Position January 1, 2020 Cash Contributions receivable (net) $540,000 218,000 Investments 190,000 Buildings & equipment (net) 610,000 Total assets $1,558,000 Liabilities Accounts payable and accrued liabilities $110,000 Notes payable Total liabilities. Net Assets Net assets without donor restrictions Net assets with donor restrictions Total net assets Total liabilities and net assets 640,000 $750,000 $440,000 368,000 $800,000 $1,558,000 The buildings and equipment reported by Help & Save have a fair value of $924,000. The buildings and equipment reported by Swim For Safety have a fair value of $746,000 c. Assume that these two organizations are combined into a new private not-for-profit entity to be known as Help-Swim-Save. A new governing body will be formed to manage and operate this new organization. What balances will appear on the statement of financial position immediately after control is gained? HELP-SWIM-SAVE Statement of Financial Position January 1, 2020 Assets Cash Contributions receivable (net) Investments Buildings & equipment (net) Total assets Liabilities Accounts payable and accrued liabilities Notes payable Total liabilities Net Assets Net assets without donor restrictions Net assets with donor restrictions Total net assets Total liabilities and net assets S $ $ S