All facts about this NFPO are identical to those described in Problem 2, except that the association wants to use the deferral method of accounting for contributions. The centre will continue to use...

All facts about this NFPO are identical to those described in Problem 2, except that the association wants to use the deferral method of accounting for contributions. The centre will continue to use the three separate funds.

Required:

Prepare a statement of financial position and statement of operations for each of the three funds as at and for the year ended December 31, Year 5.