Required information [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 $ 100,000 $ 25,000 28,000 45,000 47,000 12,000 705,000 90,000 550,000 492,000 45,000 17,000 40,000 4,000 115,000 625,000 18.00 $1,479,000 $1,429,000 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.) Note: Enter debits before credits. Debit Credit Date General Journal December 31 Charges for Sales and Services Transfer from General Fund Interest Revenue Cost of Sales and Services Depreciation Expense Administrative and Selling Expenses Interest Expense Net Position 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: Charges for Sales and Services 0 Total Revenues Operating Expenses: Cost of Sales and Services Administrative and Selling Expenses Depreciation Expense 0 Total Operating Expenses Operating Income (Loss) Nonoperating Income (Expenses): Interest Revenue interest Expense 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 capital assets and there are no restricted assets.) VILLAGE OF SEA SIDE PINES ENTERPRISE FUND Statement of Net Position December 31, 2020 Net Position: Net Investment in Capital Assets Unrestricted a Total Net Position $