On January 1, 2016, Some Residents of the Community of Kiterup

On January 1, 2016, some residents of the community of Kiterup, B.C., formed the Kiterup Winter Sports Association (KWSA) which was organized as a not-for-profit organization which has as its purposes encouraging participation in outdoor winter sports. In its first year, the board decided to restrict its activities to ice skating and skiing.
Initial funding was provided by a wealthy individual who made an endowment contribution of $200,000 which was invested in bonds and generated income during the year of $8,000. The donor placed no restrictions on the use of the income produced by the investment of the endowment contribution which were to be divided evenly between all programs undertaken by the Association.
During the year donations of $750,000 were received and a further $150,000 of pledges was outstanding of which the board estimated $130,000 would be collected. It was agreed that such donations, all of which were unrestricted, would be divided evenly between the skating and skiing programs. As a practical matter, donations not yet received at year-end were considered to be restricted for use in the following year. A special fund drive was undertaken to raise money to provide skates to needy youngsters and skiing equipment to needy senior citizens. During the year $25,000 was received in contributions for skates and $15,000 for contributions towards purchasing skis.
During the year ended December 31, 2016, the organization incurred the following costs. $\begin{array}{|l|l|}\hline& \text {Ice Skating}\\\hline& \text {Program}\\\hline \text { Wages and salaries } & \$ 193,000 \\\hline \text { Ice skates } & 8,000 \\\hline \text { Skiing equipment } & 58,000 \\\hline \text { Other equipment and supplies } & 43,000 \\\hline \text { Transportation } & 15,000 \\\hline \text { Rent } & 35,000 \\\hline \text { Other expenses } & \$ 352,000 \\\hline\end{array}$
At December 31, 2016, the only outstanding payables were for $30,000 relating to the skiing program (the costs are included in the table above). The ice skates and skiing equipment were paid for out of the funds raised by the special fund drive and were expensed as acquired.
KWSA does not use fund accounting but uses the deferred contribution method to account for restricted donations and uses programmatic reporting to report the results of its activities.
-Prepare journal entries to record the transactions of the Kiterup Winter Sports Association for the year ended June 30, 2016. Closing entries are not required.