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During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, which is operated
During the current year, the Town of Mashpee had a number of transactions that affected net position of its town golf course, 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, $681,000; restricted for renovation of the check-in stand, $0; and unrestricted, $1,357,084.
- Net income for the year was $163,047.
- Depreciation expense totaled $54,096.
- A piece of equipment with a carrying value of $26,900 was sold for $25,800.
- Bonds for $500,000 were issued to construct a new pro shop. At the end of the year, the shop was partially complete, and construction work in progress totaled $248,476.
- A $15,028 principal payment was made on a lease obligation.
- A new golf ball retrieving machine was purchased for $330,000. At the end of the year, a $30,800 note associated with the machine remains outstanding.
- The check-in stand was completed for $52,900 of construction costs incurred this year.
Required
Prepare the net position section of Mashpees statement of net position.
X Answer is not complete. TOWN OF MASHPEE Golf Enterprise Fund Partial Statement of Net Position As of Year End Net Position: $ Net PositionNet Investment In Capital Assets Net PositionRestricted 914,232 251,524 Net Position/Unrestricted Total Net Position $ 1,165,756 X Answer is not complete. TOWN OF MASHPEE Golf Enterprise Fund Partial Statement of Net Position As of Year End Net Position: $ Net PositionNet Investment In Capital Assets Net PositionRestricted 914,232 251,524 Net Position/Unrestricted Total Net Position $ 1,165,756Step by Step Solution
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