6-7. The City of Sandwich purchased a swimming pool from a private operator as of April 1, 2015, for $400,000, of which $150,000 was provided by a one-time contribution from the General Fund, and $250,000 was provided by a loan from the First National Bank, secured by a note. The loan has payable semiannually on Oct October walls.begin 180 Chapter 6 are to be made annually, be iscal year. During iry has a calendar year as its fiscal 31. 2015, the following transactions tions occurred, the an annual interest rate 6 percent, payable April 1. principal payments of $100.000 are te on April 1, 2016. The city has a calenda year ended December 31, 2015, the folle to the City of Sandwich Swimming Pool: 1. The amounts were received from the National Bank aceived from the City General Fund an ral Fund and the Fire 20.000 from the Water Udle 2. A loan was provided in the amount of $120.000 fr ed on an appraisal, it $200,000 to improvemen ted to $305,000, all Fund. The purchase of the pool was recorded. Based on an decided to allocate $100,000 to the land, $200.000 other than buildings (the pool), and $100,000 to the building 4. Charges to patrons during the season amounted to $305.000 ceived in cash. 5. Salaries paid to employees amounted to $110,000, all paid in cas which $75,000 was cost of services, and $35,000 was administration 6. Supplies purchased amounted to $40,000; all but $5,000 was used Cash was paid for the supplies, all of which was for cost of sales and services. 7. Administrative expenses amounted to $12,000, paid in cash. 8. The first interest payment was made to the First National Bank. 9. The short-term loan was repaid to the Water Utility Fund. 10. Depreciation of $22,500 for the pool and $7,500 on the building was recorded for the 9 months they were in operation. 11. Interest was accrued for the year. 12. Closing entries were prepared. Required: a. Prepare entries to record the transactions. b. Prepare a Statement of Revenues, Expenses, and sition for the Year Ended December 31, 2015. for the Sandwich Swimming Pool Fund. c. Prepare a Statement of Net Position as of the City of Sandwich Swimming Pool Fund. d. Prepare a Statement of Cash Flows for the Year En ses, and Changes in Fund 2015, for the City of Position as of December 31, 2015, 10 2015, for the City of Sandwich Swi 6-8. The Village of Parry reported the year ended April Sandwich Swimming Pool Fund. Year Ended December 31