$7-13.$Proprietary Fund Operating Statement. $($LO$7-1)$ Calhoun County has prepared the following

operating statement for its proprietary funds. The county has three enterprise funds and two internal

service funds.

Required

The statement as presented is not in accordance with GASB standards. Identify the errors

and explain how the errors should be corrected in order to conform with GASB standards.

Along with the information in Chapter $7,$ Illustration A$2-8$ will be helpful in identifying and correctins

the errors.