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The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management....

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, 2020 Debits Credits
Accounts payable $ 24,900
Accounts receivable (net) $ 47,300
Accrued interest receivable 16,700
Accumulated depreciation 3,438,300
Cash 116,600
Contributed services 28,100
Contributions—no restrictions 2,492,000
Contributions—purpose restrictions 846,000
Contributions—endowment 2,990,200
Current pledges receivable 80,200
Education program expenses 1,633,300
Fund-raising expenses 123,400
Investment revenue—purpose restrictions 91,800
Training seminars expenses 4,833,200
Land, buildings, and equipment 5,964,500
Long-term investments 2,915,500
Management and general expenses 407,600
Net assets without donor restrictions 483,600
Net assets with donor restrictions 2,046,000
Net gains on endowments - no restrictions 18,300
Noncurrent pledges receivable 390,200
Program service revenue - no restrictions 5,978,100
Post-employment benefits payable (long-term) 200,900
Reclassification—Satisfaction of program restrictions 267,400
Reclassification—Satisfaction of time restrictions 215,600
Reclassification—Satisfaction of program restrictions 267,400
Reclassification—Satisfaction of time restrictions 215,600
Research program expenses 1,323,300
Short-term investments 753,000
Supplies inventory 33,400
Totals $ 19,121,200 $ 19,121,200


Required:
a. Prepare closing entries for the year-end, using separate entries for each net asset classification.
b. Prepare a Statement of Activities for the year ended December 31, 2020.
c. Prepare a Statement of Financial Position as of December 31, 2020.

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