On 31st December 2019, the Internal Service Fund had the following account balances:

	debit	credit
Due from General Fund	$203,000
Cash	562,000
Capital assets	1,800,000
Supplies	35,000
Accounts payable		$430,000
Accrued wages payable		9,000
Accumulated depreciation		90,000
Advance from enterprise fund		250,000
Net position		1,821,000
Total	$2,600,000	$2,600,000

During 2020 the following transactions took place:

1. Supplies were purchased on credit for $95,000.

2. Billed General Fund and Proprietary Fund for $280,000 and $170,000 respectively for services provided.

3. A total of $84,000 supplies were used (related to cost of services).

4. A payment of $79,000 was made for accounts payable.

5. General Fund and Proprietary Fund made payments to Internal Service Fund totaled $220,000, and $150,000 respectively.

6. Salaries were paid in the amount of $82,000. Included in this amount is the accrued wages payable at the end of 2019. All of these are determined to be part of the cost of services provided.

7. On July 1, 2020, the Fund borrowed $50,000 from the bank, signing a 12% note that is due in 4 years with annual interest payments on June 30. The borrowings are related to capital asset purchases. Additional information includes:

8. Depreciation for the year amounted to $30,000.

9. Unpaid wages relating to the final week of the year totaled $12,000.

a. Prepare journal entries to record the transactions for the year 2020 (10 marks).

b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended 31st December 2020. (8 marks).

c. Prepare a Statement of Net Position as of 31st December 2020 (12 marks).