Exercise 7-24 (Algo) Central Station Enterprise Fund [LO 7-5] [The following information applies to the questions displayed below.] The Town of Elizabeth operates an old train station as an enterprise fund. The train station is on the national register of historic buildings. Because the town has held the building for such a long time, the Central Station Fund has no long-term debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses and Individuals rent space in the building for private events, and the town provides all services related to the operation and maintenence of the building. Following is information related to the fund's operating activities. 1. Rental income of $94,294 was accrued based upon reservations. 2. Cash in the amount of $90,068 was received on accounts. 3. Cash expenses for the period included administrative services. $25,166; maintenance and repairs, $72.770; and utilities. $30,082 4. The Central Station Fund was awarded a $12,000 grant for historic preservation. All eligibility requirements were met within the year, but the cash had not been received at year-end. The grant is considered operating revenue. 5. The Central Station Fund received a $50,000 transfer of funds from the General Fund. 6. An adjusting entry was made for depreciation of $3,512. 7. At the end of the period, nominal accounts were closed. Exercise 7-24 (Algo) Parts b & c b. Prepare a statement of revenues, expenses, and changes in fund net position. The net position balance at the beginning of the period was $60,036. c. Based on the information provided, does it appear that the Central Station Fund is required to be recognized as an enterprise fund under GASB standards? Req b Req c Prepare a statement of revenues, expenses, and changes in fund net position. The net position balance at ti period was $60,036. TOWN OF ELIZABETH Central Station Fund Statement of Revenues, Expenses, and Changes in Fund Net Position Operating Revenues: For the Year Ended Gross Margin Operating Expenses: Total Operating Expenses Transfers In Change in Net Position Total Net Position, Beginning Total Net Position, Ending 0 0 0 0 0 Based on the information provided, does it appear that the Central Station Fund is required to be recognized as an enterprise fund under GASB standards? Yes NO