Required information Exercise 7-25 (Algo) Enterprise Fund Journal Entries and Financial Statements [LO 7-5] Skip to question [The following information applies to the questions displayed below.] Following is the June 30, 2022, statement of net position for the City of Bay Lake Water Utility Fund. CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2022 Assets Current assets: Cash and investments $ 1,775,142 Accounts receivable (net of $13,367 provision for uncollectible accounts) 306,870 Accrued utility revenue 499,600 Due from General Fund 29,288 Interest receivable 81,936 Total current assets 2,692,836 Restricted assets: Cash 9,194 Capital assets: Land $ 1,781,141 Buildings (net of $3,420,381 in accumulated depreciation) 5,214,991 Machinery and equipment (net of $5,130,505 in accumulated depreciation) 8,489,354 Total capital assets (net) 15,485,486 Total Assets 18,187,516 Liabilities Current liabilities: Accounts payable 532,087 Interest payable 131,782 Current portion of long-term debt 397,000 Total current liabilities 1,060,869 Liabilities payable from restricted assets: Customer deposits 9,194 Long-term liabilities: Revenue bond payable 11,513,000 Total Liabilities 12,583,063 Net Position Net investment in capital assets 3,613,290 Unrestricted 1,991,163 $ 5,604,453 Following is the information of the Water Utility Fund for fiscal year 2023. The amount in the Accrued Utility Revenue account was reversed. Billings to customers for water usage during fiscal year 2023 totaled $3,031,965; $197,077 of the total was billed to the General Fund. Cash in the amount of $264,307 was received. The cash was for interest earned on investments and $83,358 in accrued interest. Expenses accrued for the period were management and administration, $366,374; maintenance and distribution, $700,509; and treatment plant, $706,747. Cash receipts for customer deposits totaled $2,471. Cash collections on customer accounts totaled $2,996,766, of which $213,331 was from the General Fund. Cash payments for the period were as follows: Accounts Payable, $1,489,117; interest (which includes the interest payable), $403,093; bond principal, $397,000; machinery and equipment, $579,053; and return of customer deposits, $903. A state grant amounting to $470,315 was received to help pay for new water treatment equipment. Accounts written off as uncollectible totaled $9,915. The utility fund transferred $792,172 in excess operating income to the General Fund. Adjusting entries for the period were recorded as follows: depreciation on buildings was $237,708 and on machinery and equipment was $356,562; the allowance for uncollectible accounts was increased by $14,769; an accrual for unbilled customer receivables was made for $693,241; accrued interest income was $15,695; and accrued interest expense was $60,812. The Revenue Bond Payable account was adjusted by $397,000 to record the current portion of the bond. Closing entries and necessary adjustments were made to the net position accounts. Exercise 7-25 (Algo) Part c Prepare a statement of net position for the Water Utility Fund as of June 30, 2023