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Assignment CLOC The following trial balance as of January 1, 2017, the first day of the fiscal year for Ajman University Assets: Liabilities & Net assets: Cash $ 2,530,000 Accounts payable $1,700,000 Accounts receivable 1,800,000 Accrued expenses 800,000 Contributions receivable 500,000 Allowance for uncollectible 120,000 Loans to employees 700,000 Long-term debt 2.880,000 Long-term investment 2,470,000 Unrestricted net assets 4,000,000 Plant assets - Net 4.500.000 Temporarily restricted NA 2.000.000 Permanently restricted NA 1.000.000 Total Assets 12.500.000 Total Liabilities & Net Assets 12,500,000 During the year ended December 31, 2017, the following transactions occurred: 1. Cash collections included accounts receivable, 5800,000; contributions receivable, $300,000, and for loans to employees, S400,000 2. Contributions were received in cash of the following amounts: unrestricted, S1,800,000; temporarily restricted, S1,300,000; permanently restricted, S900,000. 3. Unrestricted revenues included tuition and fees, $2,800,000 other investment income, $300,000, and sales and services of auxiliary enterprises, $4,700,000. A total of $5,000,000 in cash was received 4. Expenses, were as follows: instruction, $1,000,000, research, $800,000; academic support, $400,000; and auxiliary enterprises, $500,000. The amount of S1,600,000 was paid in 5. Cash payments included accounts payable, 700,000; and long-term debt, $380,000 6. Scholarships, for which no services were required, were applied to student in the amount of S200,000. 7. Interest income was earned as addition to temporarily restricted net assets, $750,000. Of which, 5600,000 was received in cash and the remaining was accrued at year-end. 8. Reclassifications of S 400,000 was made from temporarily restricted to unrestricted net assets. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Changes in Net Assets including a separate unrestricted part. c. Prepare a Statement of Net Position for the Ajman University, cash

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