Focus of the Final ProjectReview the financial information pertaining to Lee College in

problem 11-8 on pages 362 of your text.  Prepare the following:

1. A Statement of Activities using the format presented in Illustration 10-1.
2. A Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets.
3. A Statement of Changes in Net Assets.

Financial information in problem 11-8:

Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended
December 31, 2014.
                                                                                                    Debits                     Credits
Revenues—Unrestricted—Tuition and Fees                 $11,200,000
Revenues—Unrestricted—Unrestricted Income on
Endowment Investments                                                          40,000
Revenues—Unrestricted—Sales and Services of
Auxiliary Enterprises                                                             5,000,000
Revenues—Unrestricted—Contributions                             100,000
Reclassifications to Unrestricted Net Assets—
Satisfaction of Program Restrictions                                     640,000
Reclassifications to Unrestricted Net Assets—
Satisfaction of Plant Acquisition Restrictions                   1,160,000
Tuition Discount—Unrestricted—Student Aid                                                $ 110,000
Instruction Expense                                                                                             7,000,000
Research Expense                                                                                                4,500,000
Public Service Expense                                                                                        1,200,000
Institutional Support Expense                                                                               700,000
Student Services Expense                                                                                      150,000
Auxiliary Enterprise Expense                                                                              3,500,000
Net Assets—Unrestricted—Undesignated                                                          980,000
Revenues—Temporarily Restricted—Contributions       1,500,000
Revenues—Temporarily Restricted—Grants                       950,000
Reclassifications From Temporarily Restricted
Net Assets—Satisfaction of Program Restrictions                                             640,000
Reclassifications from Temporarily Restricted Net
Assets—Satisfaction of Plant Acquisition Restrictions . . .                             1,160,000
Net Assets—Temporarily Restricted                                                                     650,000
Revenues—Permanently Restricted—Contributions      2,540,000
Gains on LongTerm Investments                                           750,000
Net Assets—Permanently Restricted                                                                 3,290,000

Assume the January 1, 2014, net asset balances are as follows: $1,000,000 unrestricted net assets; $300,000 temporarily restricted net assets; and $1,700,000 permanently restricted net assets.

a. Prepare a Statement of Activities using the format presented in Illustration 10–1.
b. Prepare a Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net
Assets together with a Statement of Changes in Net Assets.

Your paper must:

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