Additional Information Net assets released from donor restrictions totaled $451,100. The gain resulting from sale of investments was unrestricted. Thirty percent of the unrealized gain is related to net assets restricted for programs, with the remainder related to net assets without donor restrictions. Additional information is as follows: • The balance in cash and cash equivalents as of July 1, 2022, was $788,790. • Tuition and Fees Receivable increased by $12,220. Pledges Receivable decreased by $1,870. • Allowance for Doubtful Accounts was increased by $910 (the bad debt increased Institutional Support Expense). • Accounts Payable decreased by $3,460. • Accrued Liabilities decreased by $1,360. • Deferred Revenue increased by $7,540. Depreciation Expense was $36,530. • Cash of $129,000 was used to retire bonds. • Investments were sold for $1,935,000 (at a gain of $71,200) and others were purchased for $1,612,500. • Net assets without donor restrictions were used to purchase equipment at a cost of $42,600. Required a. Prepare a statement of activities for the year ended June 30, 2023. (Amounts to be deducted should be indicated with a minus sign.) The following is the preclosing trial balance for Allen University as of June 30, 2023. Additional information related to net assets and the statement of cash flows is also provided. ALLEN UNIVERSITY Preclosing Trial Balance June 30, 2023 Cash and Cash Equivalents Investments Tuition and Fees Receivable Allowance for Doubtful Accounts Pledges Receivable Allowance for Doubtful Pledges Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Accrued Liabilities Deposits Held in Custody for Others Deferred Revenue Bonds Payable Net Assets-Without Donor Restrictions Net Assets-With Donor Restrictions Net Assets Released from Restrictions-With Donor Restrictions Net Assets Released from Restrictions-Without Donor Restrictions Tuition and Fees Tuition and Fees Discount and Allowances Contributions-Without Donor Restrictions Contributions-With Donor Restrictions Grants and Contracts-With Donor Restrictions Investment Income-Without Donor Restrictions Investment Income-With Donor Restrictions Other Revenue Auxiliary Enterprise Sales and Services Gain on Sale of Investments Unrealized Gain on Investments Instruction Expense Research Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprise Expenses Total Debits $ 518,530 3,213,000 Credits 373,700 $ 75,860 223,780 79,260 2,203,410 660,900 103,360 39,700 18,590 65,760 838,000 3,234,690 1,396,300 451,100 451,100 1,292,450 327,400 312,270 331,070 326,070 52,420 30,700 13,500 156,500 71,200 399,770 1,071,230 611,400 272,060 229,600 253,760 200,500 $9,949,470 $9,949,470