This exercise uses the same fact setting as Exercise 11-9

This exercise uses the same fact setting as Exercise 11-9 except that 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.

1. The Institute began the year with the following account balances:

This exercise uses the same fact setting as Exercise 11-9

2. The Institute received an unrestricted operating grant of $75,000 from the Maritime Shipping Association, a trade association for commercial shipping firms. Additionally, the Institute received unrestricted gifts of $10,000.
Items 3-15 are the same as in Exercise 11-9.
Required:
A. Prepare journal entries recording the events above for the year ending
December 31, 2017.
B. Prepare closing entries.
C. Prepare a Statement of Activity.
D. Prepare a Statement of Financial Position.
E. Prepare a Statement of Cash Flows?