Lina Center for Performing Arts is a not-for-profit organization. The center began operations on January 1, 2021 with $135,000 of temporarily restricted assets. The amounts are restricted for the following: $75,000 is restricted for student outreach, $20,000 is restricted for performer education, and $45,000 is restricted for building improvements.

During the fiscal year ending December 31, 2021 the following transactions occur. Prepare the entries for all events including depreciation and reclassifications. Identify journal entries with the appropriate designation of UR, TR, and PR. Use restricted funds to the extent possible.

1...........Franz Kleiber, a famous conductor, has agreed to perform as a guest conductor for the upcoming holiday season. The Lina Center for Performing Arts would have compensated Mr. Kleiber $10,000 for his services, but he has decided to donate his services to the center for free.

2............Frank Lloyd Wright, an architect, has agreed to redesign the stage layout. His services would cost the center $45,000 for the redesign, however, Mr. Wright has decided to donate his services to the center for free.

3............A group of retired performers aptly named the Rockettes donate their time to usher guests to their seats and provide programs to each attendee. If the Rockettes were unable to perform these services, these services would be discontinued.

4....The board of trustees designated $50,000 of unrestricted assets to be set aside for the purchase of performance costumes in the upcoming production of Swan Lake.

5...Daddy Warbucks has agreed to match donations up to $50,000 to pay for the performance of the Nutcracker if the Lina Center for Performing Arts can secure a contract with the New York City Ballet to perform at the Center.

Answer rating: 100% (QA)

Answer 1 No entry 2 No entry 3 No entry 4 Debit Credit Unrestricted assets 50000 Performance costume... View the full answer