ACCT596: The Edwards Lake Community Hospital balance sheet as of December 31, 2019, follows.

The following are the transactions of Edwards Lake Community Hospital during the fiscal year ended December 31,2020. (1) Information related to accrual of revenues and gains is as follows: (2) Cash received includes (3) Expenses of $897,500 were recorded in accounts payable and $1,462,190 in accrued payroll. Because some of the nursing expenses met a net asset restriction, $100,500 was released from restrictions. (4) Cash paid includes: (5) Interest of $1,830 accrued on investments in Assets Limited as to Use. (6) Depreciation charges for the year amounted to $123,500 for the buildings and $135,000 for equipment. Depreciation was allocated 45 percent to nursing services, 15 percent to other professional services and 20 percent to each administrative and general services. (7) Other information: (a) Provision for uncollectible receivables was determined to be adequate. (b) Supplies inventory balances: (c) Portion of mortgage payable due within one year, $565,000. (8) A $689 unrealized loss on investments occurred. (9) Nominal accounts were closed. Necessary adjustments were made to increase the Net Assets-Without Donor Restrictions, Designated for Plant. Required a-1. Prepare journal entry for the preceding transactions during the fiscal year ended December 31, 2020, assuming that Edwards Lake Community Hospital is a not-for-profit hospital. a-2. Prepare closing entries for the fiscal year ended December 31, 2020, assuming that Edwards Lake Community Hospital is a notfor-profit hospital. b. Prepare a balance sheet as of December 31, 2020. c1. Prepare a statement of operations for the year ended December 31, 2020. c-2. Prepare a statement of changes in net assets for the year ended December 31, 2020. d. Prepare a statement of cash flows for the year ended December 31, 2020. Prepare journal entry for the preceding transactions during the fiscal year ended December 31,2020 , assuming that Edwards Lake Community Hospital is a not-for-profit hospital. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry for accrual of revenues and gains during the year. Note: Enter debits before credits. repare closing entries for the fiscal year ended December 31,2020 , assuming that Edwards Lake Community Hospital is a not-for-profit ospital. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Prepare a balance sheet as of December 31, 2020. EDWARDS LAKE COMMUNITY HOSPITAL Balance Sheet As of December 31, 2020 Prepare a statement of operations for the year ended December 31, 2020. EDWARDS LAKE COMMUNITY HOSPITAL Statement of Operations For Year Ended December 31, 2020 Prepare a statement of changes in net assets for the year ended December 31,2020 . (Amounts to be deducted should be indicated with a minus sign.) EDWARDS LAKE COMMUNITY HOSPITAL Statement of Cash Flows For Year Ended December 31, 2020