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 $1,900,000. Estimated contractual adjustments with third-party payors amounted to $525,000 and the Hospital estimated implicit price concessions would total $20,000. 2. Charity services, not included in transaction 1, would amount to $86,000, had billings been made at gross amounts. 3. Other revenues, received in cash, were parking lot, $30,000; cafeteria, $50,000; gift shop. $10,000. 4. Cash gifts restricted by the donor for programs amounted to $34,500 for the year. During the year, $68,000 was expended for technician salaries supporting the program identified by the donor (debit Operating Expense-Salaries and Benefits). 5. Mortgage bond payments amounted to $66,000 for principal and $40,000 for interest. Assume unrestricted resources are used. 6. During the year, the hospital received, in cash, unrestricted contributions of $56,000 and unrestricted income of $47,500 from endowment investments. (It is the hospital's practice to treat unrestricted gifts as nonoperating income.) 7 New equipment, costing $172,000, 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 $150,000 and that had an undepreciated cost of $30,000 was sold for $17,000 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, $246,000. 11. Bills were received for the following items: Utilities $152,000 and Insurance $88,000. These will be paid in January of 2021. 12. Depreciation of plant and equipment amounted to $210,000. 13. Cash payments on accounts payable amounted to $195,000. Another $823,000 was expended on wages and benefits. 14. Cash collections of patient accounts receivable amounted to $1,200,000. These were in settlement of patient accounts totaling $1,637,000. Contractual adjustments associated with these totaled $420,000 and price concessions totaled $17,000. 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 $7,150,000