he Town of Easton has an Electricity Utility Fund with the following trial balance as of July 1, 2019, the first day of the fiscal year.

	Debits	Credits
Cash	$260,000
Customer accounts receivable	160,000
Materials and supplies	80,000
Utility plant in service	12,500,000
Accumulated depreciationutility plant		2,500,000
Accounts payable		78,000
Accrued expenses payable		92,000
Revenue bonds payable		6,800,000
Net position		3,530,000
Totals	13,000,000	13,000,000

During the year ended June 30, 2020, the following transactions and events occurred:

1. Accrued expenses at July 1 were paid in cash.
2. Billings to nongovernmental customers for electricity usage for the year amounted to $1,180,000; billings to the General Fund amounted to $120,000.
3. Liabilities for the following were recorded during the year: Materials and supplies $90,000, Cost of sales and services $250,000 and Administrative expenses $150,000.
4. Materials and supplies were used in the amount of $125,000, all for costs of sales and services.
5. Accounts receivable collections totaled $850,000 from nongovernmental customers and $78,000 from the General Fund.
6. $380,000 of accounts payable were paid in cash.
7. One years interest for the bonds was paid. Interest rate 5%.
8. Depreciation was recorded in the amount of $200,000.
9. Accrued expenses, all related to costs of sales and services, amounted to $112,000.

1. Prepare journal entries to record the transactions (10 marks).
2. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended 30 June 2020 (8 marks).
3. Prepare a Statement of Net Position as of 30 June 2020 (12 marks).