As of July 1, 2014, the City of Elk decided to purchase a privately operated swimming pool and to create a Swimming Pool (Enterprise) Fund. During the year, the following transactions occurred: (a) A permanent contribution of $ 800,000 was received from the General Fund. (b) $ 1,000,000 was borrowed with a Note Payable from a local bank at an interest rate of 6%. (c) Purchased for cash several items, the cost breakdown was: land, $300,000; building, $400,000, land improvement, $400,000; equipment, $200,000; supplies, $190,000. (d) Charges for services amounted to $600,000, all received in cash. (e) Cash expenses included: salaries, $200,000; utilities, $100,000; interest (paid on 6/30/2015), $60,000. (f) Supplies were consumed in the amount of $120,000. (g) Depreciation was recorded for: building, $20,000, land improvement, $40,000; equipment, $20,000. (h) The books were closed. All accounts are closed to Net Position. The city accountant recorded the above transactions in general journal form on the books of the swimming pool fund (see below). She requested that you perform the following two activities.

1. Prepare, in good form, a Statement of Revenues, Expenses, and Changes in Fund Net Position for the City of Elk Swimming Pool Fund for the Year Ended June 30, 2015.