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During the current year, the Town of Falmouth had a number of transactions that affected net position of its town skating rink, which is operated
During the current year, the Town of Falmouth had a number of transactions that affected net position of its town skating rink, which is operated as an enterprise fund. You are provided with the following information:
- The beginning net position balances are net investment in capital assets, $679,600; restricted, $0; and unrestricted, $1,354,294.
- Net income for the year was $162,712.
- Depreciation expense totaled $53,985.
- A piece of equipment with a carrying value of $26,000 was sold for $24,900.
- Bonds for $500,000 were issued to construct a concession stand at the rink. At the end of the year, the concession stand was 50 percent complete, and construction work in progress totaled $247,980.
- A $14,998 principal payment was made on a lease obligation.
- A new Zamboni ice resurfacing machine was purchased for $240,000. At the end of the year, a $29,900 note associated with the machine remains outstanding.
Required
Prepare the net position section of Falmouths statement of net position.
Net Position Net Position - Net investment in capital assets ???? Net Position - Restricted ???? Net Position - Unrestricted ????? Total net position ?????
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