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 $1,800,000. Estimated contractual adjustments with third-party payors amounted to $465,000 and the Hospital estimated implicit price concessions would total $10,000.
2. Charity services, not included in transaction 1, would amount to $66,000, had billings been made at gross amounts.
3. Other revenues, received in cash, were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000.
4. Cash gifts restricted by the donor for programs amounted to $26,000 for the year. During the year, $50,000 was expended for technician salaries supporting the program identified by the donor (debit Operating ExpenseSalaries and Benefits).
5. Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used.
6. During the year, the hospital received, in cash, unrestricted contributions of $42,000 and unrestricted income of $35,000 from endowment investments. (It is the hospitals practice to treat unrestricted gifts as nonoperating income.)
7. New equipment, costing $152,000, 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 $50,000 and that had an undepreciated cost of $10,000 was sold for $7,000 cash.
9. At the end of 2020, pledges (restricted as to purpose) were received in the amount of $120,000. These are intended to be received and expended in 2021.
10. Cash contributions were received from donors restricted for plant acquisition, $170,000.
11. Bills were received for the following items: Utilities $139,000 and Insurance $80,000. These will be paid in January of 2021.
12. Depreciation of plant and equipment amounted to $180,000.
13. Cash payments on accounts payable amounted to $168,000. Another $800,000 was expended on wages and benefits.
14. Cash collections of patient accounts receivable amounted to $1,180,000. These were in settlement of patient accounts totaling $1,587,000. Contractual adjustments associated with these totaled $400,000 and price concessions totaled $7,000.
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 $7,000,000.