Question 2: Ajman Investments and Tourism decided to establish an internal service fund to account for the operations of a Print Shop. The Print Shop started operations on January 1, 2019 the first day of the fiscal year. During the fiscal year ended December 31, 2019 the following transactions occurred: 1. The General Fund made a permanent contribution of $500,000 and a long-term advance of $1,000,000 to the Print Shop Fund. The advance is to be repaid by the Print Shop Fund in five equal annual installments, the first installment is due December 31, 2019. The advance is non-interest bearing and is considered issued for the purchases of equipment. 2. During the year equipment was purchased (for cash) in the amount of $900,000. 3. During the year, printing supplies costing $150,000 were purchased; all except $50,000 was paid in cash. 4. Billings to others government departments during the year totaled $500,000 at selling price $400,000 was received in cash. 5. The cost of supplies used during the year totaled $100,000; 6. Salaries and wages were $70,000 and utilities were $30,000 (all paid in cash), and 7. Depreciation was charged on equipment, $50,000 8. The first installment of the advance was repaid Required: 1. Prepare joumal entries in the general joumal of the Ajman Print Shop Fund to reflect the above transactions 2. Prepare the Statement of Revenues, Expenses, and Changes in Position for the Print Shop Fund for the year ended December 31, 2019. 3. Prepare the Statement of Net Position for the Print Shop as at December 31, 2019