During 2020, 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 $1,860,000. Estimated contractual adjustments with third-party payors amounted to $505,000 and the Hospital estimated implicit price concessions would total $16,000 2. Charity services, not included in transaction 1, would amount to $78,000, had billings been made at gross amounts. 3. Other revenues, received in cash, were parking lot, $26,000; cafeteria, $44,000; gift shop, $8,000. 4. Cash gifts restricted by the donor for programs amounted to $31,100 for the year. During the year, $60,800 was expended for technician salaries supporting the program identified by the donor (debit Operating Expense-Salaries and Benefits). 5. Mortgage bond payments amounted to $59,600 for principal and $35,200 for interest. Assume unrestricted resources are used. 6. During the year, the hospital received, in cash, unrestricted contributions of $50,400 and unrestricted income of $42,500 from endowment investments. (It is the hospital's practice to treat unrestricted gifts as nonoperating income.) 7. New equipment, costing $164,000, was acquired, using donor-restricted cash that was on hand at the beginning of the year. 8. An old piece of lab equipment that originally cost $110,000 and that had an undepreciated cost of $22,000 was sold for $13,000 cash. 9. 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. 10. Cash contributions were received from donors restricted for plant acquisition, $213,000. 11. Bills were received for the following items: Utilities $146,800 and Insurance $84,800. These will be paid in January of 2021. 12. Depreciation of plant and equipment amounted to $198,000. 13. Cash payments on accounts payable amounted to $184,200. Another $813,800 was expended on wages and benefits. 14. Cash collections of patient accounts receivable amounted to $1,192,000. These were in settlement of patient accounts totaling $1,617,000. Contractual adjustments associated with these totaled $412,000 and price concessions totaled $13,000. 15. Closing entries were prepared. 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 $7,090,000. (Loss/Negative amounts should be indicated by a minus sign.) PORT HUDSON COMMUNITY HOSPITAL Statement of Changes in Net Assets For the Year Ended December 31, 2020 Net Assets without Donor Restrictions: Excess of Revenues Over Expenses Net Assets Released From Restrictions: Satisfaction of Capital Acquisition Restrictions Loss on Sale of Equipment >> Increase in Net Assets without Donor Restrictions 0 Net Assets with Donor Restrictions: Contribution Revenue Net Assets Released From Restrictions 0 Increase in Net Assets with Donor Restrictions Increase in Net Assets Net Assets, Beginning of Year Net Assets, End of Year S 0