Prepare a statement of revenues, expenses, and changes in net position for the Information Technology Fund for 2017.

(Objective: Internal Service Fund Reporting - Local Government.) Hauser City created an Information Technology department in 2015 to centralize information technology functions for the city. The goal of the department was to reduce costs, avoid duplication of efforts, and provide up-to-date technology to all of the city's operations. The fund was designed to be self-supporting; that is, all costs are to be recovered through user fees, but any excess of fees over expenses should be less than 5 percent. The preclosing trial balance for the IT department as of December 31, 2017, is shown below Credits (in thousands Debits (in thousands $29,000 $8,500 Cash Due from Other Funds Materials and Supplies Inventory$700 Machinery and Equipment Accumulated Depreciation Accounts Payable Payroll Taxes Pavable Due to Other Funds Net Position-Net Investment in Capital Assets Net Position - Unrestricted Total $107,200 $60,200 $5,100 $5,300 $2.400 $47,000 S25,400 145,400 $145,400 During the fiscal year ended December 31, 2017, the following transactions (summarized) occurred