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 $1.990.000. Estimated contractual adjustments with third-party payors amounted to $570,000 and the Hospital sumated Implicit price concessions would total $29.000 2 Charity services, not included in transaction t would amount to $104.000, had billings been made at gross amounts 3. Other revenues, received in cash, were parking lot, $39,000: cafeteria, $63,500: gift shop. $14.500. 4. Cash gifts restricted by the donor for programs amounted to $42.150 for the year. During the year. $84.200 was expended for technician salaries supporting the program identified by the donor debit Operating Expense-Salaries and Benefits). 5. Mortgage bond payments amounted to $80,400 for principal and $50,800 for Interest. Assume unrestricted resources are used. 6. During the year, the hospital recelved. In cash, unrestricted contributions of $68.600 and unrestricted Income of $58.750 from endowment Investments. It is the hospital's practice to treat unrestricted gifts as nonoperating Income.) 7. New equipment, costing $190,000, 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 $240,000 and that had an undepreciated cost of $48.000 was sold for $26.000 cash. 9. At the end of 2020. pledges frestricted as to purposes were received in the amount of $215.000. These are intended to be received and expended in 2021 10. Cash contributions were received from donors restricted for plant acquisition, $231,750. 11. Bills were received for the following items: Utilues 5163700 and Insurance 595.200. These will be paid in January of 2021 12 Depreciation of plant and equipment amounted to $237.000. 13. Cash payments on accounts payable amounted to $219,300. Another $843.700 was expended on wages and benefits 14. Cash collections of patient accounts receivable amounted to $1.218.000. These were in settlement of patient accounts totaling $1,682,000. Contractual adjustments associated with these totaled $438.000 and price concessions totaled $26.000 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 $7.285.000 Prepare a statement of Operations for the Port Hudson Community Hospital for the year ende amounts as positive values. Loss amounts should be indicated by a minus sign.) PORT HUDSON COMMUNITY HOSPITAL Statement of Operations For the Year Ended December 31, 2020 Revenues Without Donor Restrictions: Patient Service RevenuesNet of Contractual Adjustments Other Operating Revenues Total Revenues Net Assets Released From Restrictions: Satisfaction of Capital Acquisition Restrictions Total Operating Revenues Operating Expenses: Salanes and Benefits Total Operating Expenses Total Other Income Excess of Revenues Over Expenses Net Assets Released from Restrictions: Satisfaction of Program Restrictions Loss on Sale of Equipment Unrestricted Gifts and Bequests Hue Laus Deuw. Required A Required B Required C Prepare a statement of Changes in Net Assets for the Port Hudson Community Hospital for the year ended Decemb 2020. Assume beginning net assets are $7.285,000. (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: Net Assets Released From Restrictions: Net Assets with Donor Restrictions: Net Assets. Beginning of Year Net Assets. End of Year 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 $1.990.000. Estimated contractual adjustments with third-party payors amounted to $570,000 and the Hospital sumated Implicit price concessions would total $29.000 2 Charity services, not included in transaction t would amount to $104.000, had billings been made at gross amounts 3. Other revenues, received in cash, were parking lot, $39,000: cafeteria, $63,500: gift shop. $14.500. 4. Cash gifts restricted by the donor for programs amounted to $42.150 for the year. During the year. $84.200 was expended for technician salaries supporting the program identified by the donor debit Operating Expense-Salaries and Benefits). 5. Mortgage bond payments amounted to $80,400 for principal and $50,800 for Interest. Assume unrestricted resources are used. 6. During the year, the hospital recelved. In cash, unrestricted contributions of $68.600 and unrestricted Income of $58.750 from endowment Investments. It is the hospital's practice to treat unrestricted gifts as nonoperating Income.) 7. New equipment, costing $190,000, 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 $240,000 and that had an undepreciated cost of $48.000 was sold for $26.000 cash. 9. At the end of 2020. pledges frestricted as to purposes were received in the amount of $215.000. These are intended to be received and expended in 2021 10. Cash contributions were received from donors restricted for plant acquisition, $231,750. 11. Bills were received for the following items: Utilues 5163700 and Insurance 595.200. These will be paid in January of 2021 12 Depreciation of plant and equipment amounted to $237.000. 13. Cash payments on accounts payable amounted to $219,300. Another $843.700 was expended on wages and benefits 14. Cash collections of patient accounts receivable amounted to $1.218.000. These were in settlement of patient accounts totaling $1,682,000. Contractual adjustments associated with these totaled $438.000 and price concessions totaled $26.000 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 $7.285.000 Prepare a statement of Operations for the Port Hudson Community Hospital for the year ende amounts as positive values. Loss amounts should be indicated by a minus sign.) PORT HUDSON COMMUNITY HOSPITAL Statement of Operations For the Year Ended December 31, 2020 Revenues Without Donor Restrictions: Patient Service RevenuesNet of Contractual Adjustments Other Operating Revenues Total Revenues Net Assets Released From Restrictions: Satisfaction of Capital Acquisition Restrictions Total Operating Revenues Operating Expenses: Salanes and Benefits Total Operating Expenses Total Other Income Excess of Revenues Over Expenses Net Assets Released from Restrictions: Satisfaction of Program Restrictions Loss on Sale of Equipment Unrestricted Gifts and Bequests Hue Laus Deuw. Required A Required B Required C Prepare a statement of Changes in Net Assets for the Port Hudson Community Hospital for the year ended Decemb 2020. Assume beginning net assets are $7.285,000. (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: Net Assets Released From Restrictions: Net Assets with Donor Restrictions: Net Assets. Beginning of Year Net Assets. End of Year