No Transaction General Journal Debit Credit A 12(a) 1,414,000 3,060,000 855,000 11,000 11,000 RevenuesTuition and Fees RevenuesState Appropriations RevenuesGifts and Grants RevenuesChanges in Fair Value of Investments Revenues-Investment Income Tuition and Fees Discount and Allowances Expenses-Depreciation Provision for Bad Debts Expenses Interest Expenses-Research ExpensesGeneral Net Position-Unrestricted 250,000 74,000 2,000 51,000 3,602,000 30,000 1,261,000 B 12(b) Net PositionUnrestricted Net Position-Net Investment in Capital Assets 12(c) Net Position-Unrestricted Net Position-Restricted b. Prepare a statement of net position for the year ended June 30, 2020. (Amounts to be deducted should be indicated with a minus sign.) SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2020 Assets $ 1,503,000 Cash Accounts Receivable Interest Receivable Grant Receivable Investments Capital Assets Less: Accumulated Depreciation Total Assets 0 1,503,000 Liabilities Accounts Payable Unearned Revenue Bonds Payable Total Liabilities $ 0 Net Position Net Investment in Capital Assets Restricted Unrestricted Total Net Position $ 0 The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2019, follows. $ 372,000 394,000 266,000 $1,862,000 292,000 1,570,000 2,602,000 SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2019 Assets Cash Accounts receivable (net of doubtful accounts of $16,000) Investments Capital assets Accumulated depreciation Total assets Liabilities Accounts payable Accrued liabilities Unearned revenue Bonds payable Total liabilities Net Position Net investment in capital assets Restricted Unrestricted Total net position 112,000 45,000 31,000 744,000 932,000 826,000 204,000 640,000 $1,670,000 The following information pertains to the year ended June 30, 2020: 1. South billed tuition and fees totaling $1,503,000 and provided $250,000 in scholarship waivers. 2. Unearned revenue at June 30, 2019, was earned during the year ended June 30, 2020. 3. Notification was received from the federal government that up to $51,000 in funds could be received in the current year for costs incurred in developing student performance measures. 4. During the year, the University received an unrestricted appropriation of $3,060,000 from the state. 5. Equipment for the student computer labs was purchased for cash in the amount of $540,000. 6. During the year, $825,000 in cash contributions was received from alumni. Of the amount contributed, $100,000 is to be used for construction of a new library. 7. Interest expense on the bonds payable in the amount of $51,000 was paid. 8. Student tuition refunds of $120,000 were made. Cash collections of tuition and fees totaled $1,550,000, $141,000 of which applied to the semester beginning in August 2020. Investment income of $10,000 was earned and collected during the year. 9. General expenses of $3,602,000 related to the administration and operation of academic programs, and research expenses of $30,000 related to the development of student performance measures, were recorded in the voucher system. At June 30, 2020, the accounts payable balance was $62,000. 0. Accrued liabilities at June 30, 2019, were paid. 11. At year-end, adjusting entries were made. Depreciation on capital assets totaled $74,000. The Allowance for Doubtful Accounts was adjusted to $18,000. Accrued interest on investments was $1,000. The fair value of investments at year- end was $277,000. Of the income earned on investments, $5,100 was restricted. 2. Nominal accounts were closed and net position amounts were reclassified as necessary. Required