Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.)

! Required information Exercise 6-4 and Exercise 6-5 (Algo) (The following information applies to the questions displayed below.) The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Credits $ 115,000 $ 30,900 34,100 52,500 54,500 13,700 728,000 98,900 575,000 507,000 52,500 18,000 41,200 5,200 126,300 629,500 20,300 $1,551,300 $1,551,300 Required A Required B Required C Prepare the closing entries for December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the closing entry for Village of Seaside Pines, Enterprise Fund. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Required A Required B Required C Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. (Deductions should be entered as a negative amount.) VILLAGE OF SEASIDE PINES, ENTERPRISE FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended December 31, 2020 Revenues: Total Revenues Operating Expenses: Total Operating Expenses Operating Income (Loss) Nonoperating Income (Expenses): Total Nonoperating Revenue Income (Loss) Before Transfers Transfer from General Fund Change in Net Position Net Position - Beginning of Year Net Position - End of Year Required A Required B Required C Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.) VILLAGE OF SEA SIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2020 Net Position Total Net Position