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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.

Debits Credits

Accounts payable $ $112,000$

Accounts receivable $ $29,400$

Accrued interest payable $32,600$

Accumulated depreciation $51,000$

Administrative and selling expenses $53,000$

Allowance for uncollectible accounts $13,400$

Capital assets $722,000$

Cash $98,000$

Charges for sales and services $569,000$

Cost of sales and services $504,000$

Depreciation expense $51,000$

Due from General Fund $17,700$

Interest expense $40,900$

Interest revenue $5,700$

Transfer in from General Fund $123,000$

Bank note payable $629,000$

Supplies inventory $19,700$

Totals $ $1,535,700$ $ $1,535,700$

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.$)$