This exercise uses the same fact setting as 11-9, except Items 1 and 2 are changed to be consistent with a private institution.

The Great Lakes Maritime Institute is a private not-for-profit institution preparing cadets for careers in commercial shipping and includes instruction in piloting, navigation, maritime law, and other fields.

The Institute began the year with the following account balances:

Table Summary: A table titled beginning balances July 1, 2023, comprises 2 columns and 11 rows. The column headers are blank, debits, and credits. Beginning Balances July 1, 2023 Debits Credits Cash 125,000 Student accounts receivable 40,000 Investmentsendowment 500,000 Restricted cash 250,000 Capital assets 1,100,000 Accumulated depreciation 350,000 Accounts payable and accrued liabilities 4,000 Deferred revenues 7,000 Net assets with donor restrictionspermanent endowment 500,000 Net assets with donor restrictionscapital acquisitions 250,000 Net assets without donor restrictions 904,000 The Institute received an unrestricted operating grant of $70,000 from the Maritime Shipping Association, a trade association for commercial shipping firms. Additionally, the Institute received unrestricted gifts of $21,000

Items 3-15, same as Exercise 11-9.

Required:

Prepare journal entries recording the events above for the year ending December 31, 2024.

Post the journal entries to T-accounts.

Prepare closing entries.

Prepare a Statement of Activitypresent net assets without donor restrictions in a single column.

Prepare a Statement of Financial Position.

Prepare a Statement of Cash Flows