The preclosing trial balance of Excel Private College has the following balances: Debit       Credit Expenses—Instruction

The preclosing trial balance of Excel Private College has the following balances: Debit       Credit Expenses—Instruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1,130,000 Expenses—Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  840,000 Expenses—Academic Support . . . . . . . . . . . . . . . . . . . . . . 200,000 Expenses—Student Services . . . . . . . . . . . . . . . . . . . . . . . .200,000 Expenses—Institutional Support . . . . . . . . . . . . . . . . . . .  325,000 Expenses—Operation and Maintenance of Plant . . . .  300,000 Expenses—Student Aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000 Expenses—Auxiliary Enterprises Expenses . . . . . . . . . . . 575,000 Reclassifications Out—Temporarily Restricted— Satisfaction of Program Restrictions . . . . . . . . . . . . . . . . 75,000 Reclassifications Out—Temporarily Restricted— Satisfaction of Equipment Acquisition Restrictions . . 250,000 Reclassifications Out—Temporarily Restricted— Expiration of Time Restrictions . . . . . . . . . . . . . . . . . . . . .50,000 Tuition and Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  2,500,000 Contributions—Unrestricted . . . . . . . . . . . . . . . . . . . . . . .                    365,000 Government Appropriations, Grants, and Contracts .                     700,000 Other Investment Income—Unrestricted . . . . . . . . . . . .                     150,000 Sales and Services of Auxiliary Enterprises . . . . . . . . . .                      300,000 Reclassifications In—Unrestricted—Satisfaction of Program Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                      75,000 Reclassifications In—Unrestricted—Satisfaction of Equipment Acquisition Restrictions . . . . . . . . . . . . . . . . .                     250,000 Reclassifications In—Unrestricted—Expiration of Time Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                       50,000 Contributions—Temporarily Restricted . . . . . . . . . . . . .                      100,000 Endowment Income—Temporarily Restricted . . . . . . .                        15,000 Contributions—Permanently Restricted . . . . . . . . . . . .                        500,000 Net Realized Gains on Endowment— Temporarily Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . .                         25,000 Unrestricted Net Assets, January 1, 2018. . . . . . . . . . . .                       675,000 Temporarily Restricted Net Assets, January 1, 2018. .                        975,000 Permanently Restricted Net Assets, January 1, 2018 .                      2,500,000 1. Prepare closing entries for the three net asset classifications. 2. Prepare a statement of activities for the year ended December 31, 2018, using a column for each of the net asset classifications.

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