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A local private not-for-profit health care entity (Rochester Medical) incurred the following iransactions during the current year The entity has one program service (health care) and two supporting services (fundralsing and edministrative) a. The board of governors for Rochester Medical (PM) announces that $160,000 in previously unrestricted cash will be used in the near future to acquire equipment. These funds are invested until the purchase eventually occurs b RM receives a donaton of $80,000 in cash with the stipulation that the money be invested in US government bonds All subsequent income derived from this imvestment must be poid to supplement nuising salaries C RM spends $29,000 in cash to acquire medicines. RM had recelved this money during the previous year The dorior had specified that is had to be used for medicines d. RM charges patients $2 milion. These amounts are the responsibility of government programs and insurance componies These thirdparty payors will receive explicit price concessions because of long standing contracts Othicials belicve RM has an 80 percent chance of receiving $15 million and a 20 percent chance of receiving $10 milion. RM has a policy of reporting the most likely outcome e. RM charges patients $1 miltion. These patients are not insured. RM sets implicit price concessions bocouse of the high cost of hedith core Officials believe R\$M has a 70 percent chathce of collecting $250.000 and a 30 percent chance of receiving $100.000 As stated before. RM has a policy of reporting the most likely outcome. f. RM chargos potients $600,000. These patients have little or no incorie. The hospital administretion chooses to view this work as charity care and make no attempt at collection. 9. Depreciation expense for the year is $110,000. Of that amount, 70 percent relates to health care. 20 percent to administrative, and 10 percent to fundraising. h. RM recelves interest income of $15,000 on the investments acquired in (a). 1. Based on past history, officlals estimate that $54,000 of the reported receivable amount from third-porty poyors will never be collected Of the amount reported by uninsured patients who are expected to pay a portion of their debt, officials estimate that $20,000 of the reported receivable amount will not be collected The medicines in (c) are consumed through dally patient care. 1. RM sells the imwestments in (a) for $176,000 in cash RM used that money plus the previously rocorded interest income (along with $25,000 in cash given last yeor to RM with the donor stipulotion that the money be used for equipment) to buy new equipment k. RM receives pledges near the end of the year totaling $200,000. Of that amount, $38,000 is judged to be conditional. The remsining $162,000 has a donor-stipulated purpose restriction. The present value of the $162,000 is calculated as $131,000 Required: e. Record each of these transactions in appropriate jovrnal entry form. (if no entry is required for a transaction/event, select "No journal entry Required: a. Record each of these transactions in approptiate journal entry form (if no entry is required for a tronsoctionjevent, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions of dollars.) Journal entry worksheet Record $160,000 in previously unrestricted cash to be used in the near future to acquire equipment. Note: Enter debits before credits: 1 Record $160,000 in previously unrestricted cash to be used in the near future to acquire equipment. 2. Record the receipt of donation of $80,000 in cash. 3 Record the stipulation that the $80,000 donation be invested in U.S. government bonds. 4 Record the $29,000 expenditure in cash to acquire medicines. RM had received this money during the previous year. 5 Record the reclassification entry for expenditure of $29,000 made for medicines. 6. Rernrd the \& millinn that RM charroes natients Officials Note: - journal entry has been entered 6 Record the $2 million that RM charges patients. Officials believe RM has an 80 percent chance of receiving $1.5 million and a 20 percent chance of receiving $1 million. RM has a policy of reporting the most likely outcome. 7 Record the $1 million that RM charges patients. These patients are not insured. Officials believe RM has a 70 percent chance of collecting $250,000 and a 30 percent chance of receiving $100,000. 8 Record the $600,000 that RM charges patients. These patients have little or no income. The hospital administration chooses to view this work as charity care and make no attempt at collection. Note : = journal entry has been entered Record the depreciation expense for the year is $110,000. Of that amount, 70 percent relates to health care, 20 percent to administrative, and 10 percent to fundraising. 10 Record the receipt of interest income of $15,000 on the investments acquired in (1). 11 Record the officials estimate that $54,000 of the reported receivable amount from third-party payors will never be collected. Of the amount reported by uninsured patients who are expected to pay a portion of their debt, officials estimate that $20,000 of the reported receivable amount will not be collected. will not be collected. 12 Record the consumption of medicines as given in (3) through daily patient care. 13 Record the sale of investments for $176,000 in cash. 14 Record the purchase of new equipment. RM used the money from sale of investments plus the previously recorded interest income (along with $25,000 in cash given last year to RM with the donor stipulation 15 Record the reclassification of the amount used to buy the equipment. Note : O journal entry has been entered 13 Record the sale of investments for $176,000 in cash. 14. Record the purchase of new equipment. RM used the money from sale of investments plus the previously recorded interest income (along with $25,000 in cash given last year to RM with the donor stipulation 15 Record the reclassification of the amount used to buy the equipment. 16 Record the pledges to be received near the end of the year totaling $200,000. Of that amount, $38,000 is judged to be conditional. The remaining $162,000 has a donor-stipulated purpose restriction. The present value of the $162,000 is calculated as $131,000. Note: O= journal entry has been entered b. Prepare a schedule calculating the change in net assets without donor restrictions and net assets with donor restrictions. (Negative amounts should be indicated by a minus sign. Enter your answers in dollars not in millions of dollars.) A local private not-for-profit health care entity (Rochester Medical) incurred the following iransactions during the current year The entity has one program service (health care) and two supporting services (fundralsing and edministrative) a. The board of governors for Rochester Medical (PM) announces that $160,000 in previously unrestricted cash will be used in the near future to acquire equipment. These funds are invested until the purchase eventually occurs b RM receives a donaton of $80,000 in cash with the stipulation that the money be invested in US government bonds All subsequent income derived from this imvestment must be poid to supplement nuising salaries C RM spends $29,000 in cash to acquire medicines. RM had recelved this money during the previous year The dorior had specified that is had to be used for medicines d. RM charges patients $2 milion. These amounts are the responsibility of government programs and insurance componies These thirdparty payors will receive explicit price concessions because of long standing contracts Othicials belicve RM has an 80 percent chance of receiving $15 million and a 20 percent chance of receiving $10 milion. RM has a policy of reporting the most likely outcome e. RM charges patients $1 miltion. These patients are not insured. RM sets implicit price concessions bocouse of the high cost of hedith core Officials believe R\$M has a 70 percent chathce of collecting $250.000 and a 30 percent chance of receiving $100.000 As stated before. RM has a policy of reporting the most likely outcome. f. RM chargos potients $600,000. These patients have little or no incorie. The hospital administretion chooses to view this work as charity care and make no attempt at collection. 9. Depreciation expense for the year is $110,000. Of that amount, 70 percent relates to health care. 20 percent to administrative, and 10 percent to fundraising. h. RM recelves interest income of $15,000 on the investments acquired in (a). 1. Based on past history, officlals estimate that $54,000 of the reported receivable amount from third-porty poyors will never be collected Of the amount reported by uninsured patients who are expected to pay a portion of their debt, officials estimate that $20,000 of the reported receivable amount will not be collected The medicines in (c) are consumed through dally patient care. 1. RM sells the imwestments in (a) for $176,000 in cash RM used that money plus the previously rocorded interest income (along with $25,000 in cash given last yeor to RM with the donor stipulotion that the money be used for equipment) to buy new equipment k. RM receives pledges near the end of the year totaling $200,000. Of that amount, $38,000 is judged to be conditional. The remsining $162,000 has a donor-stipulated purpose restriction. The present value of the $162,000 is calculated as $131,000 Required: e. Record each of these transactions in appropriate jovrnal entry form. (if no entry is required for a transaction/event, select "No journal entry Required: a. Record each of these transactions in approptiate journal entry form (if no entry is required for a tronsoctionjevent, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions of dollars.) Journal entry worksheet Record $160,000 in previously unrestricted cash to be used in the near future to acquire equipment. Note: Enter debits before credits: 1 Record $160,000 in previously unrestricted cash to be used in the near future to acquire equipment. 2. Record the receipt of donation of $80,000 in cash. 3 Record the stipulation that the $80,000 donation be invested in U.S. government bonds. 4 Record the $29,000 expenditure in cash to acquire medicines. RM had received this money during the previous year. 5 Record the reclassification entry for expenditure of $29,000 made for medicines. 6. Rernrd the \& millinn that RM charroes natients Officials Note: - journal entry has been entered 6 Record the $2 million that RM charges patients. Officials believe RM has an 80 percent chance of receiving $1.5 million and a 20 percent chance of receiving $1 million. RM has a policy of reporting the most likely outcome. 7 Record the $1 million that RM charges patients. These patients are not insured. Officials believe RM has a 70 percent chance of collecting $250,000 and a 30 percent chance of receiving $100,000. 8 Record the $600,000 that RM charges patients. These patients have little or no income. The hospital administration chooses to view this work as charity care and make no attempt at collection. Note : = journal entry has been entered Record the depreciation expense for the year is $110,000. Of that amount, 70 percent relates to health care, 20 percent to administrative, and 10 percent to fundraising. 10 Record the receipt of interest income of $15,000 on the investments acquired in (1). 11 Record the officials estimate that $54,000 of the reported receivable amount from third-party payors will never be collected. Of the amount reported by uninsured patients who are expected to pay a portion of their debt, officials estimate that $20,000 of the reported receivable amount will not be collected. will not be collected. 12 Record the consumption of medicines as given in (3) through daily patient care. 13 Record the sale of investments for $176,000 in cash. 14 Record the purchase of new equipment. RM used the money from sale of investments plus the previously recorded interest income (along with $25,000 in cash given last year to RM with the donor stipulation 15 Record the reclassification of the amount used to buy the equipment. Note : O journal entry has been entered 13 Record the sale of investments for $176,000 in cash. 14. Record the purchase of new equipment. RM used the money from sale of investments plus the previously recorded interest income (along with $25,000 in cash given last year to RM with the donor stipulation 15 Record the reclassification of the amount used to buy the equipment. 16 Record the pledges to be received near the end of the year totaling $200,000. Of that amount, $38,000 is judged to be conditional. The remaining $162,000 has a donor-stipulated purpose restriction. The present value of the $162,000 is calculated as $131,000. Note: O= journal entry has been entered b. Prepare a schedule calculating the change in net assets without donor restrictions and net assets with donor restrictions. (Negative amounts should be indicated by a minus sign. Enter your answers in dollars not in millions of dollars.)