ssume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial Balance October 1, 2020 Debits Credits Fund Balance with Treasury $ 732,000 Supplies 106,000 Equipment 1,353,000 Accumulated Depreciation $ 481,000 Accounts Payable 127,000 Wagen Payable 81,000 Cumulative Results of Operations 1,502,000 $2,191,000 $2,191,000 Congress passed a spending bill providing $16,100,000 to fund the agency's operations for the year. During the first quarter the commission processed the following items for payment (all items were paid by Treasury in the first quarter). Accounts payable Wages payable Salaries and benefits Supplies Contracted services Grants Equipment Total $ 127,000 81,000 496,000 502,000 1,100,000 910,000 510,000 $3,726,000 B. Unpaid wages at the end of the quarter totaled $26,000, . In addition to the items paid in item 2, the commission received supplies of $13,000 and contracted services of $71,000 that are to be processed for payment in January 5.Unused supplies on hand totaled $216,000 at December 31. 5. Depreciation for the quarter is $62,000 Required: Prepare Journal entries in the proprietary accounts for the events described above. . Prepare a Statement of Changes in Net Position for the quarter ended December 31. (Assume the amount of appropriations used is $3,914,000.) . Prepare a Balance Sheet as of December 31. Answer is not complete. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare journal entries in the proprietary accounts for the events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Credit Transaction General Journal Debit 16,100,000 1 1 Fund Balance with Treasury Unexpended Appropriations 16,100,000 2 2 >> Accounts Payable Wages Payable Supplies Equipment Program Expenses Fund Balance with Treasury 127,000 81,000 502,000 510,000 2,506,000 OOO 3,726,000 3 3 26,000 Program Expenses Wages Payable 26,000 4 4 Supplies Program Expenses Accounts Payable 13,000 71,000 84,000 5 5 Program Expenses Supplies 388,000 6 6 Program Expenses Accumulated Depreciation 62,000 62,000 Required A Required B Required C Prepare a Statement of Changes in Net Position for the quarter ended December used is $3,914,000.) (Deductions should be entered with a minus sign.) FEDERAL INTERSTATE COMMISSION Statement of Changes in Net Position For the Quarter Ended December 31, 2020 Cumulative Unexpended Results of Operations Appropriations Beginning Balance $ 1,502,000 $ 0 Appropriations Received 16,100,000 Appropriations Used 3,914,000 (3,914,000) Other Financing Sources Total Financing Sources 5,416,000 12,186,000 Net Cost of Operations Ending Balance $ 12,186,000 Required A Required B Required C Prepare a Balance Sheet as of December 31. FEDERAL INTERSTATE COMMISSION Balance Sheet As of December 31, 2020 Assets: Intragovernmental: Fund Balance with Treasury $ 732,000 X Governmental: Supplies Equipment (Net of Accumulated Depreciation) 216,000 1,353,000 $ 2,301,000 Total Assets Liabilities: Accounts Payable Wages Payable $ 127,000 81,000 Net Position: Unexpended Appropriations Cumulative Results of Operations Total Liabilities and Net Position $ 200,000