Part A is competed, need help with part B (statement of activities for Dec 31, 2020).

14-22. Recording and Reporting Transactions. (L014-3, LO14-5 ransacti was incorporated as a not-for-profit organization on Januar the fiscal year ended December 31, 2020, the following t 1. A business donated rent-free office space to the organization th 1, 2020. Durin normally rent for $35,000 a year. 2. A fund drive raised $185,000 in cash and $100,000 in pledges th was received paid within one year. A state government grant of $150,000 w for program operating costs related to public health education, At year-end, an additional $16,000 of salaries and fringe benefits 3. Salaries and fringe benefits paid during the year amounted to accrued. 4. A donor pledged $100,000 for construction of a new building, payable over five fiscal years, commencing in 2022. The discounted value of th pledge is expected to be $94,260. 5. Office equipment was purchased for $12,000. The useful life of the equip- ment is estimated to be five years. Office furniture with a fair value of $9,600 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 $5,200, printing and postage expense was $12,000 for the year, utilities for the year were $8,300, and supplies expense was $4,300 for the year. At year-end, an immaterial amount o supplies remained on hand and the balance in accounts payable was $3,600. 7. Volunteers contributed S15,000 of time to help with answering the phones, mailing materials, and various other clerical activities. 8. It is estimated that 90 percent of the pledges made for th be collected. Depreciation expense is recorded for the ru assets recorded in item 5 e 2021 year wa e full year on the 9. All expenses were allocated to program services and support services in the following percentages: public health education, 35 percent; commu- ral, 20 percent; and fund- nity service, 30 percent; management and gene raising, 15 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 a. Make all necessary journal entries to record these transactions. Expense transactions should be initially recorded by object classification; in entry 9, expenses will be allocated to functions. b. Prepare a statement of activities for the year ended December 31, 2020 Rent Expense: Contributions (Unrestricted) Cash Contributions Receivable Contributions (Temporarily Restricted Contributions (Unrestricted) 100,000 185,000 250,000 Salaries and Benefits Expense Cash Salaries and Benefits Payable 208,560 16,000 Contributions Receivable Contributions (Temporarily Restricted) Discount on Contributions Receivable 94,260 5,740 Equipment and Funiture Cash Contributions (Unrestricted) 21,600 12,000 9,600 Telephone Expense Printing and Postage Expense Supplies Expense Utilities Expense 5,200 12,000 4,300 26,200 3,600 Accounts Payable No Entry Provision for Uncollectible Pledges Allowance for Uncollectible Pledges (Unrestricted 10,000 10,000 Depreciation Expense (Equipment and Funiture) Allowance for Depreciation (Equipment and Funiture) 3,360 Public Health Education Program Community Service Program Management and General Fund Raising Salaries and Benefits Expense Rent Expense Telephone Expense Printing and Postage Expense Supplies Expense Utilities Expense Depreciation Expense 102,452 81,000 61,952 47,316 35,000 5,200 12,000 4,300 8,300 3,360 Net Assets released-Satisfaction of Purpose Restriction (Temporarily Restric Net Assets released- Satisfaction of Purpose Restriction (Unrestricted 102452 102,452