Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial Balance October 1, 2020 Fund Balance with Treasury Supplies Equipment Debits $ 740,000 110,000 1,365,000 Credits Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $ 485,000 131,000 89,000 1,510,000 $2,215,000 $2,215,000 1. Congress passed a spending bill providing $16,500,000 to fund the agency's operations for the year. 2. During the first quarter the commission processed the following items for payment (all items were paid by Treasury in the first quarter). Accounts payable Wages payable Salaries and benefits Supplies $ 131,000 89,000 500,000 510,000 Contracted services Grants Equipment Total 1,500,000 950,000 550,000 $4,230,000 3. Unpaid wages at the end of the quarter totaled $30,000. 4. In addition to the items paid in item 2, the commission received supplies of $17,000 and contracted services of $75,000 that are to be processed for payment in January. 5. Unused supplies on hand totaled $224,000 at December 31. 6. Depreciation for the quarter is $70,000. Required: a. Prepare journal entries in the proprietary accounts for the events described above. b. Prepare a Statement of Changes in Net Position for the quarter ended December 31. (Assume the amount of appropriations used is $3,934,000.) c. Prepare a Balance Sheet as of December 31. 1 Congress passed a spending bill providing $16,500,000 to fund the agency's operations for the year. 2 Record the items processed for payment during the first quarter. 3 Unpaid wages at the end of the quarter totaled $30,000. 4 The commission received supplies of $17,000 and contracted services of $75,000 that are to be processed for payment in January. 5 Record the supplies expense for the first quarter. Unused supplies on hand totaled $224,000 at December 31. 6 Depreciation for the quarter is $70,000. Prepare a Statement of Changes in Net Position for the quarter ended December 31. (Assume the amount of appropriations used is $3,934,000.) (Deductions should be entered with a minus sign.) FEDERAL INTERSTATE COMMISSION Statement of Changes in Net Position For the Quarter Ended December 31, 2020 Cumulative Results of Operations Unexpended Appropriations Beginning Balance Appropriations Received Appropriations Used Other Financing Sources Total Financing Sources Net Cost of Operations Ending Balance Prepare a Balance Sheet as of December 31. FEDERAL INTERSTATE COMMISSION Balance Sheet As of December 31, 2020 Assets: Intragovernmental: Governmental: Total Assets Liabilities: Net Position: Total Liabilities and Net Position