Anot-for-profit residential assisted-living center engaged in the following transactions during the year. prepare appropriate journal entries. a) the center billed residents for $4,100,000. of this amount it estimates that $2,000,000 will be paid by third-party providers at a rate of only 80 percent. of the remaining balance, it estimates that 2 percent will be uncollectible. b) the center collected $3,400,000.c) the center received a cash contribution of $70,000 to be used exclusively for residents’ educational and cultural programs. of this amount, the center spent $55,000 on qualified activities during the year. d) the center earned interest and dividends of $25,000 (cash) on its endowment of $500,000. income from the endowment is unrestricted. however, it is the policy of the center’s board of trustees that only income greater than 2 percent of the principal balance will be available for expenditures. the balance will be retained in the endowment to compensate for inflation. thus, only $15,000 of the income was made available for expenditure. e) the market value of the endowment’s investments increased by $10,000.f) the center recognized $170,000 of depreciation on the building and $55,000 on equipment. g) the center incurred other operating expenses of $3,500,000, of which $3,300,000 was paid in cash. h) at year-end the center received a pledge of $4,200,000 toward the center’s new building campaign. it will be paid at the rate of $1,400,000 at the end of each of the following three years. the center uses a discount rate of 3 percent to value noncurrent pledges. based on that rate, the present value of the annuity is $3,960,040.