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
	$	2,185,000		$	2,185,000

Congress passed a spending bill providing $16,000,000 to fund the agencys operations for the year.

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

Unpaid wages at the end of the quarter totaled $25,000.

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.

Unused supplies on hand totaled $214,000 at December 31.

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.) c. Prepare a Balance Sheet as of December 31.

For a) the required journal entries are:

1) congress passed a spending bill providing $16,000,000 to fund the agency's operations for the year

2) record the items processed for payment

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

For b) and c) refer to screenshot for format

Complete this question by entering your answers in the tabs below Required A Required BRequired C Prepare a Statement of Changes in Net Position for the quarter ended December 31. (Assume the amount of appropriations used is $3,909,000) (Negative amounts should be indicated with a minus sign.) FEDERAL INTERSTATE COMMIS SION Statement of Changes in Net Position For the Quarter Ended December 31, 2017 Cumulative Unexpended Results of Operations Appropriations Beginning Balance Appropriations Received Appropriations Used Other Financing Sources Total Financing Sources Net Cost of Operations Ending Balance Complete this question by entering your answers in the tabs below Required A Required B Requiredc Prepare a Balance Sheet as of December 31 FEDERAL INTERSTATE COMMISSION Balance Sheet As of December 31, 2017 Assets Governmental: Total Assets Liabilities Net Position Total Liabilities and Net Position Required B RequiredCx