Hospital at December 31, 20X1, the end of the hospital current fiscal year,are provided here:

Acct.No. 301 Hospital net assets $275,000 302 Revenue and expense summary -0- 401 Routine services revenue 159,700 402 Ancillary services revenue 101,800 403 Interest income 2,600 404 Rental income 1,900 405 Tuition income 1,500 406 Other operating revenues 29,800 501 Contractual adjustments 42,300 502 Charity care adjustments 31,700 601 Salaries and wages expense 145,900 602 Supplies expense 21,500 603 Utilities expense 12,300 604 Insurance expense 2,300 605 Repairs expense 4,100 606 Rent expense 2,800 607 Depreciation expense 9,400 608 Interest expense 1,400 609 Bad debt expense 11,600 610 Other expenses 7,200

Required: (1) Prepare, in general journal form, the necessary closing entries for the year ended December 31, 20X1. (2) Prepare, in good form, the 20X1 statement of operations for Gatorberg Hospital. Finance