Assume the Federal Interstate Commission began the fiscal year with the following account balances: Federal Interstate Commission Trial Balance October 1, 2017 Debits Credits Fund Balance with Treasury $730,000 Supplies $105,000 Equipment $1,350,000 Accumulated Depreciation $480,000 Accounts Payable $126,000 Wages Payable $79,000 Cumulative Results of Operations 1,500,000 Total $2,185,000 $2,185,000 1. Congress passed a spending bill providing $16,000,000 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). Beginning balances Accounts payable $126,000 Wages payable 79,000 Salaries and benefits 495,000 Supplies 500,000 Contracted services 1,000,000 Grants 900,000 Equipment 500,000 Total $3,600,000 3. Unpaid wages at the end of the quarter totaled $25,000. 4. In addition to the items paid in item 2, the commission received supplies of $12,000 and contracted services of $70,000 that are to be processed for payment in January. 5. Unused supplies on hand totaled $214,000 at December 31. 6. Depreciation for the quarter is $60,000. 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 $3,909,000 and use the format appearing in illustration 14-11.) c. Prepare a Balance Sheet as of December 31.