3 Assume the Scenic Rivers Commission (a federal agency) began the fiscal year with the following account balances: SCENIC RIVERS COMMISSION 10 points eBook Fund Balance with Treasury Supplies Equipment Trial Balance October 1, 2023 Debits Credits $161,000 111,000 1,375,000 $487,000 133,000 92,000 935,000 $1,647,000 $1,647,000 Accumulated Depreciation Accounts Payable Wages Payable References Cumulative Results of Operations 1. Congress passed a spending bill providing $14,400,000 to fund the agency's operations for the year. 2. During the first quarter, the commission processed (accounts payable) the following items for payment. Supplies Equipment Contracted services Total 240,000 518,000 1,860,000 $2,618,000 3. The commission processed wages and benefits through wages payable in the amount of $714,000. 4. Unexpended appropriations were reclassified to expended appropriations for the items above. 5. Accounts payable of $2,690,000 and wages payable of $724,000 were paid by Treasury. 6. Unused supplies on hand totaled $201,000 at December 31. 7. Depreciation for the quarter is $81,400. Required: a. Prepare journal entries in the proprietary accounts for the events described above. b. Prepare a Statement of Changes in Net Position for the quarter ended December 31. c. Prepare a Balance Sheet as of December 31.