During 2020, the following transactions were recorded by the Port Hudson Community Hospital, a private sector not-for-profit institution: Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,830,000. Estimated contractual adjustments with third-party payors amounted to $490,000 and the Hospital estimated implicit price concessions would total $13,000. Charity services, not included in transaction 1, would amount to $72,000, had billings been made at gross amounts. Other revenues, received in cash, were parking lot, $23,000; cafeteria, $39,500; gift shop, $6,500. Cash gifts restricted by the donor for programs amounted to $28,550 for the year. During the year, $55,400 was expended for technician salaries supporting the program identified by the donor (debit Operating ExpenseSalaries and Benefits). Mortgage bond payments amounted to $54,800 for principal and $31,600 for interest. Assume unrestricted resources are used. During the year, the hospital received, in cash, unrestricted contributions of $46,200 and unrestricted income of $38,750 from endowment investments. (It is the hospitals practice to treat unrestricted gifts as nonoperating income.) New equipment, costing $158,000, was acquired, using donor-restricted cash that was on hand at the beginning of the year. An old piece of lab equipment that originally cost $80,000 and that had an undepreciated cost of $16,000 was sold for $10,000 cash. At the end of 2020, pledges (restricted as to purpose) were received in the amount of $130,000. These are intended to be received and expended in 2021. Cash contributions were received from donors restricted for plant acquisition, $188,000. Bills were received for the following items: Utilities $142,900 and Insurance $82,400. These will be paid in January of 2021. Depreciation of plant and equipment amounted to $189,000. Cash payments on accounts payable amounted to $176,100. Another $806,900 was expended on wages and benefits. Cash collections of patient accounts receivable amounted to $1,186,000. These were in settlement of patient accounts totaling $1,602,000. Contractual adjustments associated with these totaled $406,000 and price concessions totaled $10,000. 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, 2020. c. Prepare a Statement of Changes in Net Assets for the Port Hudson Community Hospital for the year ended December 31, 2020. Assume beginning net assets are $7,045,000.