Please answer 10-17 using the information from 10-15 & 10-16

14. 10-15. The American Research Council for Humanities (ARCH) had the following financial events during the current year: 1. January 12. Received a $300,000 payment from a pledge made lastyear. 2. February 4 . Placed an order for new cubicle partitions with 5 -year useful lives, for $15, 000 . ARCHusesstraight-linedepreciation. Payment was not yet made, and the partitions have not yet been delivered. 3. March 1. Paid out a $50,000 grant to the Governmental Archeological Research Committee for History. This was a new grant made in the current fiscal year. 4. May 29. Paid a $5,000 deposit for the partitions ordered on February 4 . 5. June 12. Collected $80,000 in new donations. 6. September 1. Bought $60,000 of books ARCH has sponsored in the past to sell in its online bookstore. It paid half now, and still owes the other half, to be paid at the end of the year. ARCH has budgeted to sell the books for $100,000 total. for the year is $40,000. Record these transactions and any other required adjusting entries by showing their impact on the fundamental equation of accounting or journal entries. 10-16. ARCH began the year with the following balances (shown in alphabetical order) in their accounts: Record this information and the transactions from Problem 10-15 in a worksheet similar.to Exhibit 10-7. 10-17. Use Problems 10-15 and 10-16 to prepare an activity statement (operating statement), a comparative statement of financial position (balance sheet), and a statement of cash flows (using both the direct and indirect methods). What do you learn from these statements, and what questions do they raise