Oliver's Place is a nonprofit entity that cares for dogs until they are adopted. It uses fund accounting and uses a UCF, an RCF, and an EF. It charges its expenses to the care of animals program, special programs, and administrative expenses. Following are some of its transactions for its fiscal year. Prepare the journal entries needed to record these transactions, indicating the fund used for each entry and showing net asset classifications, where appropriate. 1. During the year, Oliver's Place received pledges of $80,000 without donor restrictions. It estimated that 95 percent of the pledges would be collected in cash. 2. It received the following gifts from various donors: a. Donor A made a gift of common stock that had a fair value of $16,000. Donor A stated that the gift could be used for any purpose. b. Donor B made a cash gift of $4,000, stipulating that it could be used only for a new program to take calm dogs to visit elderly people. c. Donor C made a gift of common stock that had a fair value of $40,000. Donor C stipulated that: (1) the gift and any gains on the sale of the stock should be maintained in perpetuity and (2) the dividends received on the investment could be used for any purpose the trustees deemed appropriate. 3. Volunteers contributed their time to Oliver's Place as follows: a. Dr. D, a veterinarian, spent 10 days caring for the medical needs of the dogs. Those services would normally cost Oliver's Place $8,000. b. Dr. E, a kidney surgeon, spent 12 days feeding the dogs, keeping them occupied, and placing them for adoption. He earns $1,600 a day as a surgeon. 4. Oliver's Place received dividends of $320 on the common stock donated by Donor A and $480 on the common stock donated by Donor C. 5. At year-end, the stock donated by Donor A had a fair value of $17,600, and the stock donated by Donor C had a fair value of $37,600. 6. During the year, Oliver's Place collected $64,000 in cash on the pledges made in Transaction 1. 7. Oliver's Place spent $2,400 on the special program designed to take calm dogs to visit elderly people. 8. Oliver's Place paid the following expenses: Care of animals $32,000 Administrative expenses 24,000 9. Cash gifts of $9,600 were received from various donors who stipulated that the resources must be used during the next fiscal year. Voucher Note: If no journal entry is necessary, select the no entry required - debit and no entry required - credit for the account names and record zero for the debit and credit amounts. Journal Entry Debit Credit 1 UCF 0 о 0 0 0 To record pledged contribution 2a UCF 2b RCF 2c EF To record unrestricted investments contributed To record restricted cash contribution To record restricted investment contributed 3a UCF 3b UCF 4 UCF UCF 5 UCF To record contributed services The services do not require a specialized skill To record investment income without donor restriction To record investment income without donor restriction To record investment income from investments > > > > > > 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 о 0 0 О 0 0 0 О 0 0 о 0 0 0 о 0 5 UCF EF To record investment income without donor restriction To record investment income from investments To record investment income from restricted investments To record the receipt of the contribution receivable in cash 7 RCF 6 UCF To record reclassification as restriction was met UCF To record the use of resources for restricted program expense 8 UCF 9 RCF To record paid expenses To record various cash contributions > > > 0 0 О Oo 00 > > > > > > о 00 OO 0 0 0 0 о 0 00 0 О OO OO 0 0 0 0 > > > > > > > 0 о 0 OOO 0 0 0 00 Oo 0