Kind to Animals (KTA)is a NFP that operates an animal shelter and commenced operations in 20X9.KTA has a December 31 year end.In 20X9,the organization received $1.5 million to build a new shelter which was completed in October,20X9.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 1,20X9 to fund two veterinarians for the next twelve months.Two veterinarians were hired October 1,20X9 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,KIA received donations of $275,000 and paid out operating expenses of $235,000.
Required:
Prepare a partial statement of financial position to capture the above transactions occurring during 20X9.KIA uses the deferral method and does not have a separate capital fund..

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The Answer of Kind to Animals (KTA)is a NFP that operates an animal shelter and commenced operations in 20X9.KTA has a December 31 year end.In 20X9,the organization received $1.5 million to build a new shelter which was completed in October,20X9.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 1,20X9 to fund two veterinarians for the next twelve months.Two veterinarians were hired October 1,20X9 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,KIA received donations of $275,000 and paid out operating expenses of $235,000.
Required:
Prepare a partial statement of financial position to capture the above transactions occurring during 20X9.KIA uses the deferral method and does not have a separate capital fund..

Kind to Animals (KTA)is a NFP That Operates an Animal