Assume the Scenic Rivers Commission $($a federal agency$)$ began the fiscal year with the following account balances:

Congress passed a spending bill providing $$15,600,000$ to fund the agency's operations for the year.

During the first quarter, the commission processed $($accounts payable$)$ the following items for payment.

The commission processed wages and benefits through wages payable in the amount of $$707,000.$

Unexpended appropriations were reclassified to expended appropriations for the Items above.

Accounts payable of $$2,530,000$ and wages payable of $$717,000$ were pald by Treasury.

Unused supplies on hand totaled $$200,000$ at December $31.$

Depreclation for the quarter is $$80,800.$

Required:

a$.$ Prepare journal entrles in the proprletary accounts for the events described above.

b$.$ Prepare a Statement of Changes in Net Position for the quarter ended December $31.$

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

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Prepare journal entries in the proprietary accounts for the events described above.

Note: If no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field.Assume the Scenic Rivers Commission $($a federal agency$)$ began the fiscal year with the following account balances:

SCENIC RIVERS COMMISSION

Trial Balance

October $1,2023$

Debits Credits

Fund Balance with Treasury $$164,000$

Supplies $107,000$

Equipment $1,363,000$

Accumulated Depreciation $$483,000$

Accounts Payable $129,000$

Wages Payable $84,000$

Cumulative Results of Operations $938,000$

$$1,634,000$ $$1,634,000$

Congress passed a spending bill providing $$15,600,000$ to fund the agency$$s operations for the year.

During the first quarter, the commission processed $($accounts payable$)$ the following items for payment.

Supplies $258,000$

Equipment $510,000$

Contracted services $1,710,000$

Total $$2,478,000$

The commission processed wages and benefits through wages payable in the amount of $$707,000.$

Unexpended appropriations were reclassified to expended appropriations for the items above.

Accounts payable of $$2,530,000$ and wages payable of $$717,000$ were paid by Treasury.

Unused supplies on hand totaled $$200,000$ at December $31.$

Depreciation for the quarter is $$80,800.$

Required:

Prepare journal entries in the proprietary accounts for the events described above.

Prepare a Statement of Changes in Net Position for the quarter ended December $31.$

Prepare a Balance Sheet as of December $31.$