The Association of Women in Government established an Educational Foundation to raise money to support scholarships

and other education initiatives. The Educational Foundation is a private not$-$for$-$profit. Members of the Association of Women

in Government periodically make donations to the Educational Foundation. With the exception of the gift described below,

these are unrestricted.

In December $2023,$ a donor established a permanent endowment with an initial payment of $$120,000$ and a pledge to provide

$$10,000$ per year for three years, beginning in December $2024.$ At the time, the pledge was recorded at the present value

$($$$27,232),$ discounted at $5$ percent. Earnings of the endowment $($interest and investment gains$)$ are derived from investment

in AAA$-$rated corporate bonds and are restricted for the payment of scholarships. At the end of $2023,$ the organization had

the following account balances:

The following took place during $2024$:

The Educational Foundation has no employees. Administrative costs are limited to supplies, postage, and

photocopying. Postage and photocopying expenses $($paid in cash$)$ totaled $$1,790$ for the year. The Foundation

purchased supplies of $$1,200$ on account and made payments of $$1,010.$ Unused supplies at year$-$end totaled $$510.$

Unrestricted donations received totaled $$10,850.$

Interest received on the bonds totaled $$6,800,$ which included amounts receivable at the end $2023.$ Accrued interest

receivable at December $31,2024,$ totaled $$580.$

The fair value of the bonds at year$-$end was determined to be $$123,400.$ Income, including increases in the value of

endowment investments, may be used for scholarships in the year earned.

The donor who established the permanent endowment made the scheduled payment of $$10,000$ at the end of $2024.$

$($Hint: First, record the increase in the present value of the pledge and then record the receipt of the $$10,000.)$

New scholarships were awarded in the amount of $$17,500.$ Payments of scholarships $($including those amounts accrued

at the end of the previous year$)$ totaled $$19,500$ during the year. Consistent with FASB standards, scholarships are

assumed to be awarded first from resources provided from restricted revenues. $($Hint: Add beginning net assets for

scholarships to endowment earnings to determine the amount to reclassify from donor$-$restricted net assets.$)$

Using the information above and the Excel template provided.

a$.$ Prepare journal entries and post entries to the $T-$accounts.

b$.$ Prepare closing entries.

c$.$ Prepare a Statement of Activities, Statement of Financial Position, and Statement of Cash Flows for the year

ending December $31,2024.$