Required: Calculate the three sections of Net Position

Background: During the year, the City of Cypress had a number of transactions that affected the net position of the citys convention center, which operates as an enterprise fund. As the accountant, you are given the task of calculating each section of net position to be included in the Statement of Net Position. You are provided with the following information:

The beginning net position balances are Net Investment in Capital Assets, $679,800; Restricted, $0; and unrestricted, $1,354,692.

Depreciation expense totaled $54,000.

A piece of equipment with a carrying value of $26,100 was sold for $25,000.

New audio/visual equipment was purchased for $250,000 and at the end of the year, a $30,000 note associated with the machine remained outstanding.

A local organization donated $500,000 specifically for the construction of VIP suites in the convention center. The city will not begin construction until the following fiscal year.

As of year-end, the city held the following assets and liabilities: Total Assets: $3,440,100; Total Liabilities: $956,150

CITY OF CYPRESS

CONVENTION CENTER ENTERPRISE FUND

PARTIAL STATEMENT OF NET POSITION

AS OF DECEMBER 31, 2022

TOTAL ASSETS (DETAILS OMITTED):

TOTAL LIABILITIES (DETAILS OMITTED):

NET POSITION:

NET POSITIONNET INVESTMENT IN CAPITAL ASSETS

NET POSITIONRESTRICTED

NET POSITIONUNRESTRICTED _________

TOTAL NET POSITION _________