During 2017, the following transactions were recorded by the Port Hudson Community Hospital, a private sector not-for-profit institution 1. Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,850,000. Contractual adjustments with third-party payers amounted to $500,000. 2. Charity services, not included in transaction 1, would amount to $76,000, had billings been made at gross amounts. 3. Other revenues, received in cash, were parking lot, $25,000; cafeteria, $42,500; gift shop, $7,500. 4. Cash gifts for cancer research amounted to $30,250 for the year. During the year, $59,000 was expended for cancer research technicians salaries (debit Operating Expense-Salaries and Benefits). 5. Mortgage bond payments amounted to $58,000 for principal and $34,000 for interest. Assume unrestricted resources are used. 6. During the year, the hospital received, in cash, unrestricted contributions of $49,000 and unrestricted income of $41,250 from 7. New equipment, costing $162,000, was acquired using donor-restricted cash that was on hand at the beginning of the year. Port 8. An old piece of lab equipment that originally cost $100,000 and that had an undepreciated cost of $20,000 was sold for $12,000 9. At the end of 2017, pledges received in the amount of $145,000 were intended to be paid and used for unrestricted purposes in 10. Cash contributions were received as follows: temporarily restricted for purposes other than plant, $46,250: temporarily restricted for 11. Bills totaling $229,500 were received for the following items: endowment investments. (t is the hospital's practice to treat unrestricted gifts as nonoperating income.) Hudson's policy is to record all equipment in the unrestricted net asset class. cash. 2018. plant acquisition, $140,000. Utilities $145,500 84,000 12. Depreciation of plant and equipment amounted to $195,000. 13. Cash payments on vouchers payable amounted to $181,500. Another $811,500 was expended on wages and benefits. Cash collections of patient accounts receivable amounted to $1,190,000. 14. Closing entries were prepared. Required: a. Record the transactions in the general journal of the Port Hudson Community Hospital b. Prepare a Statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2017 General Journal 1,850.000 Patient Accounts Receivable Operating Revenues-Unrestricted-Patent Service Revenue ,850,000 1b Patient Accounts Receivable No Joumal Entry Required Cash 75 75 Cash Operating Expense-Salaries and Benefits Net Assets-Temporarily Restricted 30.250C Reclassifications to Unrestricted Net Assets-Sat sfaction of Program Res 0,250 Mortgage Bonds Payable 34 06 Cash 40,000 41,250 10 Equipment Reclassifications From Temporarily Restricted Net Asset Class-Satisfaction162,000 12 80,0000 Loss on Sale of Equipment-Unrestricted 100 13 145 145,000 10 ol 186.2500 186 15 145 Accounts Payable 12 195 13a 181 13b Operating Expense-Salaries and Benefits 811 19 13c 1,190 Patient Accounts Receivable 1,190, 14a Operating Revenues-Unrestricted-Patent Service Revenue 1,850,000 49 41,250 00,0003 21 14b N COMMUNITY H Statement of Operations For the Year Ended r 31, 2017 $1,426 7S Other Operating Revenues Total Revenues 1,501,00 Net Assets Released From Restrictions Satisfaction of Program Restrictions 30 Total Operating Revenues Operating Expenses 1,531,250 Salaries and Benefits 870 195,000 145,500 84,000 34 Utilities Interest Total Operating Expenses 1,329,00 Other Income Unrestricted Gifts and Bequests Income on Endowment Investments 95 41 Total Other Income Excess of Revenues Over Expenses Net Assets Released from Restrictions: Satisfaction of Property Plant and Equipment Restrictions 136,500 136,500 136,500