Suppose New York City's Museum of Modern Art Reports the Following

Suppose New York City's Museum of Modern Art reports the following trial balance on June 30, 2020 (in thousands):
$$\begin{array} { | l | r | r | } \hline & { \text { Debit } } &{ \text { Credit } } \\\hline \text { Cash } & \$ 1,54,000 & \\\hline \text { Accounts receivable } & 1,000 & \\\hline \text { Cont ributions receivable } & 215,000 & \\\hline \text { Investments } & 850,000 & \\\hline \text { Plant and equipment, net } & 510,000 & \\\hline \text { Accounts payable } & & \$ \quad 50,000 \\\hline \text { Loans payable } & & 335,000 \\\hline \text { Net assets without donor restrictions } & & 705,000 \\\hline \text { Net assets with donor restrictions } & & \underline { 540,000 } \\\hline & \$ 1,630,000 & \$ 1,630,000 \\\hline\end{array}$$ Activities for fiscal 2021 are listed below. NOTE: On the statement of activities, there are two sections: operating and nonoperating. Operating expenses are divided between three categories on the statement of activities: programs, administrative, and fund-raising. All numbers below are in thousands.
1) Cash received from contributions was as follows: $30,000 unrestricted, $75,000 donor-restricted to specific program-related events and exhibitions, and $1,500 in permanent endowments.
2) The museum accrues membership fees due but not yet paid as of year-end. The accounts receivable balance at the beginning of the year represents fees accrued in fiscal 2020. In fiscal 2021, cash received from admission and membership fees totaled $40,000, and membership fees of $1,300 are due as of year-end.
3) The contributions receivable balance at the beginning of the year is the present value of documented promises of contributions. Documented promises with a present value of $5,000 were received during the year. The increase in the present value of all promises during fiscal 2021 was $8,000. Cash received related to promises was $35,000.
4) Investments at the beginning of fiscal 2021 consist of $150,000 investments of excess cash, $200,000 donated securities that are a permanent endowment, and $500,000 of permanent endowment cash that was invested in securities. There are no other donor restrictions related to the securities. The following activities relate to these investments:
a. The endowment cash received in Item 1 above was invested in securities.
b. $20,000 book value of investments of excess cash were sold during the year for $23,000.
c. The donated securities increased in value to $215,000.
d. The securities acquired with permanently endowed cash increased in value by $20,000.
e. Investment income, all received in cash, totaled $19,000.
5) $65,000 in cash received in a prior year from donor-restricted contributions was spent during fiscal 2021 for program-related operating activities, all reported as expenses.
6) Out-of-pocket operating expenses for the year, not including the expenses in Item 5 above, were $130,000. The year-end accounts payable balance, all related to operating expenses, was $47,000. Of the total operating expenses of $130,000, $25,000 were for administrative activities, $15,000 were for fund-raising, and $90,000 were for programs.
7) Donated legal and financial services had a fair value of $4,000 and were properly recognized as contributions per ASC 958. These services are classified as administrative expenses.
8) Depreciation for the year on plant and equipment was $10,000, of which $8,000 related to program activities and $2,000 related to administrative activities.
9) Interest expense on the loans was $15,000, paid in cash. Principal payments of $8,000 were made.
Required Prepare, in good form, the following financial statements for the Museum of Modern Art:
a. Statement of activities for fiscal 2021. The Museum categorizes items as operating and nonoperating.
b. Statement of financial position, June 30, 2021.
c. Statement of cash flows for fiscal 2021, using the direct approach for the operating section.