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 $1,870,000. Estimated contractual adjustments with third-party payors amounted to $510,000 and the Hospital estimated implicit price concessions would total $17,000 2. Charity services, not included in transaction 1, would amount to $80,000, had billings been made at gross amounts. 3. Other revenues, received in cash, were parking lot. $27,000; cafeteria, $45,500: gift shop, $8,500. 4. Cash gifts restricted by the donor for programs amounted to $31,950 for the year. During the year, $62,600 was expended for technician salaries supporting the program identified by the donor (debit Operating Expense-Salaries and Benefits). 5. Mortgage bond payments amounted to $61.200 for principal and $36,400 for interest. Assume unrestricted resources are used. 6. During the year, the hospital received, In cash, unrestricted contributions of $51,800 and unrestricted Income of $43,750 from endowment investments. (It is the hospital's practice to treat unrestricted gifts as nonoperating income.) 7. New equipment, costing $166,000, was acquired, using donor-restricted cash that was on hand at the beginning of the year 8. An old piece of tab equipment that originally cost $120,000 and that had an undepreciated cost of $24,000 was sold for $14,000 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, $221,000. 11. Bills were received for the following items: Utilities $148,100 and Insurance $85,600. These will be paid in January of 2021. 12. Depreciation of plant and equipment amounted to $201,000. 13. Cash payments on accounts payable amounted to $186,900. Another $816,100 was expended on wages and benefits. 14. Cash collections of patient accounts receivable amounted to $1,194,000. These were in settlement of patient accounts totaling $1,622,000. Contractual adjustments associated with these totaled $414,000 and price concessions totaled $14,000. 15. 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 $7,105,000. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C No Transaction General Journal Debit Credit 1 1a Patient Accounts Receivable 1,870,000 Operating Revenue--Without Donor Restrictions--Patient Service Reven 1,870,000 2 1b 510,000 Contractual Adjustments Patient Accounts Receivable 510,000 3 10 No Journal Entry Required x 4 02 No Journal Entry Required > 5 03 Cash 81,000 Operating Revenue--Without Donor Restrictions Other Revenue 81,000 6 4a 31,950 Cash Revenues-With Donor Restrictions-Contributions 31,950 7 4b Operating Expense --Salaries and Benefits Cash 62,600 lo 62,600 8 40 Reclassifications from Net Assets With Donor Restrictions-Satisfaction of pa 31,950 Reclassifications to Net Assets Without Donor Restrictions-Satisfaction 31,950 9 05 Operating Expense--Interest Mortgage Bonds Payable Cash 10 06 Cash 95,550 Nonoperating Income-Without Donor Restrictions-Gifts and Bequests 51,800 Nonoperating Income-Without Donor Restrictions-Income on Investme 43,750 11 7a 166,000 Equipment Cash 166,000 12 7b Reclassifications from Net Assets With Donor Restrictions-Satisfaction of 166,000 Reclassifications to Net Assets Without Donor Restrictions-Satisfaction 166,000 13 08 Cash Accumulated Depreciation--Equipment Loss on Sale of Equipment-Unrestricted Equipment 14,000 96,000 10,000 120,000 14 09 130,000 Contributions Receivable Revenues-With Donor Restrictions-Congbutions 130,000 15 10 221,000 Cash Revenues With Donor Restrictions-Contributions >> 221,000 16 11 Operating Expense-Utilities Operating Expenso-Insurance Accounts Payable 148, 100 85,600 go 233,700 17 12 Operating Expense-Depreciation Accumulated Depreciation-Equipment 201,000 201,000 18 13a Accounts Payable Cash 186,900 186,900 19 13b Operating Expense -Salaries and Benefits Cash 816,100 816,100 20 14 Cash Contractual Adjustments 1,190,000 x 410,000 1,190,000 20 14 Cash Contractual Adjustments Provision for Implicit Price Concessions Patient Accounts Receivable 410,000 12,000 21 150 Operating Revenue-Without Donor Restrictions-Patient Service Revenue Operating Revenue-Without Donor Restrictions Other Revenue Nonoperating Income-Without Donor Restrictions--Gifts and Bequests Nonoporating Income ---Without Donor Restrictions-Income on Investments Reclassifications to Net Assets Without Donor Restrictions-Satisfaction of Reclassifications to Net Assets Without Donor RestrictionsSatisfaction of Contractual Adjustments Loss on Sale of Equipment-Unrestricted Operating Expense-Depreciation Operating Expense- Salaries and Benefits Operating Expense-Utilities Operating Expense-Insurance Operating Expense--Interest Net Assets Without Donor Restrictions 22 15b Revenues-With Donor Restrictions--Contributions Reclassifications from Not Assets With Donor Restrictions--Satisfaction of 8 o Reclassifications from Net Assets With Donor Restrictions--Satisfaction of P. Net Assets With Donor Restrictions REQUERA Required B > Statement of Operations For the Year Ended December 31, 2020 Revenues Without Donor Restrictions: Patient Service Revenues-Net of Contractual Adjustments Other Operating Revenues $ 1,870,000 81,000 1,951,000 Total Revenues Net Assets Released From Restrictions: Satisfaction of Program Restrictions 31,950 Total Operating Revenues Operating Expenses: 1,982,950 Salaries and Benefits Utilities Insurance Depreciation Interest Total Operating Expenses 0 Other Income: Unrestricted Gifts and Bequests Income on Endowment Investments + 0 0 Total Other Income 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 s Required A Required B Required C Prepare a statement of Changes in Net Assets for the Port Hudson Community Hospital for the year en 2020. Assume beginning net assets are $7,105,000. (Loss/Negative amounts should be indicated by a PORT HUDSON COMMUNITY HOSPITAL Statement of Changes in Net Assets For the Year Ended December 31, 2020 Net Assets without Donor Restrictions: Net Assets Released From Restrictions: 0 Net Assets with Donor Restrictions: 0 Net Assets, Beginning of Year Net Assets, End of Year 0