PART 2. Problems (50 points). Problem (50 points). The Tanzanite City Art League, Inc., is a not for profit organization dedicated to promotion of the arts within the community. The Art League conducts two programs: (1) Exhibition and sales of members' art (referred to as "Exhibition"); and (2) Community Art Education. Activities of the Art League are administered by a full time administrator, assisted by a secretary/bookkeeper, and several part time volunteer receptionists. The volunteer receptionists greet visitors, monitor the security of the exhibit hall, and conduct sales of art to the public. Art on exhibit is considered the property of the member artists, not the Art League. The Art League follows the FASB's accounting standards for other not for profit organizations. Attached is information summarizing the transactions of the Tanzanite City Art League, Inc. for the year ending June 30, 20X4. Also attached is the post closing trial balance for the Tanzanite City Art League as ofJune 30, 20x3, the end of its fiscal year REQUIRED: (1) Prepare journal entries in general journal form to record the above (2) Enter the beginning balances for the period in T accounts and then post the (3) Prepare a statement of financial position for Tanzanite City Art League, Inc. (4) Prepare a statement of activities, in proper form, for Tanzanite City Art transactions. Be sure to indicate in which net asset class each entry is being made. Omit explanations. entries prepared in (1) above to the proper accounts. in proper form, as of June 30, 20X4. League, Inc., in proper form, for the year ended June 30, 20x4