On July 1, 20X3, the city of Pend Oreille decided to purchase a privately operated swimming pool and to create a Swimming Pool Enterprise Fund for the citizens of the city. During the year, the following transaction occured which related to this enterprise fund.

(a) A permanent contribution of $500,000 was recieved from the General Fund. Of this contribution, $400,000 was designed to purchase the assets for the fund and the remainder was for operating captial for the fund.

(b) Revenue bonds were issued at par in the amount of $400,000. These bonds were issued to purchase the assets for the fund.

(c) The swimming pool and associated equipment and supplies were purcahsed for $800,000 cash. The cost breakdown was as follows:

Land $100,000

Land Improvements $400,000

Equipment $200,000

Supplies $100,000

(d) Charges for services amounted $300,000, all received in cash.

(e) Cash expenses included the following items:

Salaries Expense $100,000

Utilities Expense $50,000

Interest Expense (paid on 6/30/X4) $25,000

(f) Supplies were used in the amount of $80,000.

(g) Depreciation was recorded for land improvements, $20,000, and for equipment, $20,000.

(h) The books were closed for the period.

Required:

(1) Record the above transaction in proper general journal form. Use the letter of the transaction as the date.

(2) Prepare, in good form, a Statement of Revenues, Expenses, and Changes in Net Position for the City of Pend Oreille Swimming Pool Fund for the Year Ended June 30, 20X4.

(3) Prepare, in good form, a Statement of Net Position for the City of Pend Oreille Swimming Pool Fund as of June 30, 20X4.