Preparation of not-for-profit financial statements for a not-for-profit organization Following is financial data for Cool School, Inc., a not-for profit organization providing preschool care and education for children. Given this information, prepare the statement of activities and the statement of financial position. Long-term liabilities $2,738,000 Plant, property and equipment, net 4,337,898 Expenses-support 993,227 Payables 1,837,222 Depreciation expense of which 89% relates to program expenses and 11% relates to support expenses) 337,622 Investments 5,125,565 Net assets released from restrictions 621,337 Expenses-program 7,938,665 Cash 838,934 Contributions receivable 2,437,938 without Donor with Donor Restrictions Restrictions Support-contributions $8,287,953 $991,161 Revenues-investment 398,543 389,222 Net assets, beginning of year 3,732,853 3,634,895 Round answers to the nearest whole number, when applicable. Use a negative sign to show a decrease in net assets or a release of net assets. 0 Statement of Activities Without With Donor Restrictions Donor Restrictions Total Support-contributions $ 8,287,953 $ 991,161 $ 9,279,114 Revenues-investment 398,543 389,222 787,765 Net assets released from OX Ox 0 Total support and revenue OX 0 X OX Expenses-program (7,938,665) X (7,938,665) * Expenses-support (993,227) * 0 (993,227) X Total expenses OX 0 Change in net assets OX 0 X 0 x Net assets beginning of year OX OX 0 x Net assets end of year $ 0 x $ 0 x $ Ox Statement of Financial Position Cash $ 838,934 Investments 5,125,565 Contributions receivable 2,437,938 Total current assets 8,402,437 Property plant and equipment net 4,337,898 Total assets $ 12,740,335 Payables $ 1,837,222 Total current liabilities 1,837,222 Long-term Liabilities 2,738,000 Total liabilities 4,575,222 Net assetswithout donor restrictions 3,732,853 x Net assetswith donor restrictions 3,634,895 x Total net assets 0 X Total net assets OX