The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Trial Balance-December 31, 2017 Debits Credits
Accounts Payable $24,900
Accounts Receivable (net) $47,800
Accrued interest receivable 16,400
Accumulated depreciation 3,439,300
Cash 115,300
Contributed services-unrestricted 26,600
Contributions-unrestricted 2,446,000
Contributions-temporarily restricted 830,000
Contributions-permanently restricted 2,818,000
Current pledges receivable (net) 79,800
Education program expenses 1,601,200
Fund-raising expense 123,300
Grant revenue-temporarily restricted 91,500
Training seminar expenses 4,741,100
Land, buildings, and equipment 5,851,800
Long-term investments 2,862,100
Management and general expense 388,400
Net assets:
Unrestricted (January 1) 487,400
Temporarily restricted (January 1) 701,300
Permanently restricted (January 1) 1,330,200
Net gains on endowment
investments-unrestricted 18,400
Noncurrent pledge receivables (net) 383,900
Program service revenue-unrestricted 5,881,600
Postemployment benefits payable (noncurrent) 197,700
Reclassifications:
Satisfaction of program restrictions 263,100
Satisfaction of time restrictions 215,600
Satisfaction of program restrictions 263,100
Satisfaction of time restrictions 215,600
Research program expenses 1,296,800
Short-term investments 751,600
Supplies inventory 33,400
Totals $18,771,600 $18,771,600
Required:
1. Prepare closing entries for the year-end, using separate entries for each net asset classification.
2. Prepare a Statement of Activities for the year ended December 31, 2017. (Unrestricted, Temporarily restricted, permanently restricted)
3. Prepare a Statement of Financial Position as of December 31, 2017.