The following selected information was taken from the books and records of Glendora Hospital (a government hospital) as of and for the year ended June 30, 20X2: 

• Patient service revenues totaled $16,000,000, with associated allowances for contractual adjustments ($2,400,000) and uncollectible accounts ($1,000,000). Other operating revenues aggregated $346,000, and included $160,000 of federal reimbursement grant revenues. Revenue of $6,000,000 recognized under cost reimbursement agreements is subject to audit and retroactive adjustments by third-party payers. Estimated retroactive adjustments under these agreements have been included in allowances. 

• Unrestricted gifts and bequests of $410,000 were received. 

• Unrestricted income from endowments totaled $160,000. • Income from board-designated funds aggregated $82,000. 

• Operating expenses totaled $13,270,000, and included $500,000 for depreciation computed on the straight-line basis. However, accelerated depreciation is used to determine reimbursable costs under certain third-party reimbursement agreements. Net cost reimbursement revenue amounting to $220,000, resulting from the difference in depreciation methods, was deferred to future years. 

• Capital asset acquisitions during the year totaled $1,300,000. 

• Endowment earnings restricted to artificial heart implant research were $250,000. 

• Also included in operating expenses are pension costs of $100,000, in connection with a noncontributory pension plan covering substantially all of Glendora’s employees. 

Prepare a formal statement of revenues, expenses, and changes in net position for Glendora Hospital for the year ended June 30, 20X2. (AICPA, adapted)