Reference no: EM132419822

Kind to Animals (KTA) is an NFP that operates an animal shelter and commenced operations in 2012. KTA has a December 31 year-end. In 2012, the organization received $1.5 million to build a new shelter, which was completed on October 1, 2012. The shelter is expected to have a useful life of 40 years. This was financed with $800,000 of private donations and $700,000 of government grants. In addition, $150,000 was provided in government grants on October 1, 2012, to fund two veterinarians for the next 12 months. Two veterinarians were hired October 1, 2012, at an annual salary of $120,000 each. The organization is expected to generate $1,250,000 in annual revenues. During the period October 1 to December 31, KTA received donations of $275,000 and paid out operating expenses of $235,000.

Required:

LIsten, I need help doing a partial statement of financial position to capture the above transactions occurring during 2012. KIA uses the deferral method and does not have a separate capital fund.