Return to questii a-2. Prepare closing entries for the year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Transaction General Journal Debit Credit A 12(a) 1,259,000 X 3,000,000 11,000 RevenuesTuition and Fees RevenuesState Appropriations Revenues-Gifts and Grants RevenuesChanges in Fair Value of Investments Revenues-Investment Income Tuition and Fees Discount and Allowances ExpensesDepreciation Provision for Bad Debts Expenses Interest ExpensesGeneral Expenses-Research Net PositionUnrestricted B 12(b) Net PositionUnrestricted Net PositionNet Investment in Capital Assets 12(c) OL Net Position-Unrestricted Net PositionRestricted b. Prepare a statement of net position for the year ended June 30, 2020. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2020 Assets Cash Accounts Receivable Interest Receivable Grant Receivable OOOOOOO Investments Capital Assets Less: Accumulated Depreciation Total Assets 0 0 Liabilities Accounts Unearned Revenue Bonds Payable OOO 0 Total Liabilities Net Position Net Investment in Capital Assets Restricted Unrestricted OOO Total Net Position $ 0 Return to question The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2019, follows. $ 217,000 418,000 282,000 $1,974,000 309,000 1,665,000 2,582,000 SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2019 Assets Cash Accounts receivable (net of doubtful accounts of $17,000) Investments Capital assets Accumulated depreciation cum Total assets Liabilities Accounts payable Accrued liabilities Cucu Unearned revenue Bonds payable Total liabilities Net Position Net investment in capital assets Restricted Unrestricted Total net position 113,000 44,000 30,000 720,000 907,000 945,000 234,000 496,000 $1,675,000 The following information pertains to the year ended June 30, 2020: 1. South billed tuition and fees totaling $1,510,000 and provided $251,000 in scholarship waivers. 2. Unearned revenue at June 30, 2019, was earned during the year ended June 30, 2020. 3. Notification was received from the federal government that up to $50,000 in funds could be received in the current year for costs incurred in developing student performance measures. 4. During the year, the University received an unrestricted appropriation of $3,000,000 from the state. 5. Equipment for the student computer labs was purchased for cash in the amount of $528,000. 6. During the year, $806,000 in cash contributions was received from alumni. Of the amount contributed, $210,000 is to be used for construction of a new library. 7. Interest expense on the bonds payable in the amount of $50,000 was paid. 8. Student tuition refunds of $117,000 were made. Cash collections of tuition and fees totaled $1,510,000, $139,000 of which applied to the semester beginning in August 2020. Investment income of $11,000 was earned and collected during the year. 9. General expenses of $3,963,000 related to the administration and operation of academic programs, and research expenses of $33,000 related to the development of student performance measures, were recorded in the voucher system. At June 30, 2020, the accounts payable balance was $69,000. 10. Accrued liabilities at June 30, 2019, were paid. 11. At year-end, adjusting entries were made. Depreciation on capital assets totaled $83,000. The Allowance for Doubtful Accounts was adjusted to $21,000. Accrued interest on investments was $1,100. The fair value of investments at year-end was $290,000. Of the income earned on investments, $5,500 was restricted. 12. Nominal accounts were closed and net position amounts were reclassified as necessary