The City of Sandwich purchased a swimming pool from a private operator as of April 1, 2020, for $400,000, of which $200,000 was provided by a one-time contribution from the General Fund, and $200,000 was provided by a loan from the First National Bank, secured by a note. The loan has an annual interest rate of 6 percent, payable semiannually on October 1 and April 1; principal payments of $100,000 are to be made annually, beginning on April 1, 2021. The city has a calendar year as its fiscal year. During the year ended December 31, 2020, the following transactions occurred related to the City of Sandwich Swimming Pool: 1. The amounts were received from the City General Fund and the First National Bank. 2. A loan was provided in the amount of $125,000 from the Water Utility Fund to provide working capital. 3. The purchase of the pool was recorded. Based on an appraisal, it was decided to allocate $100,000 to the land, $200,000 to improvements other than buildings (the pool), and $100,000 to the building. 4. Charges to patrons during the season amounted to $242,000, all received in cash. 5. Salaries paid to employees amounted to $115,000, all paid in cash, of which $75,000 was cost of services and $40,000 was administration. 6. Supplies purchased amounted to $40,000; all but $5,000 was used. Cash was paid for the supplies, all of which was for cost of sales and services. 7. Administrative expenses amounted to $16,500, paid in cash. 8. The first interest payment was made to the First National Bank. 9. The short-term loan was repaid to the Water Utility Fund. 10. Depreciation of $18,500 for the pool and $6,000 on the building was recorded for the nine months they were in operation. 11. Interest was accrued for the year. 12. Closing entries were prepared. Required: a. Prepare entries to record the transactions. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2020, for the City of Sandwich Swimming Pool Fund. c. Prepare a Statement of Net Position as of December 31, 2020, for the City of Sandwich Swimming Pool Fund. d. Prepare a Statement of Cash Flows for the year ended December 31, 2020, for the City of Sandwich Swimming Pool Fund. St of Swimming St of Net St of Cash Revenues Pool Fund Position Flows Expenses Prepare entries to record the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required") View transaction list Journal entry worksheet Swimming St or St of Net St of Cash Revenues Pool Fund Position Flows Expenses Prepare a Statement of Net Position as of December 31, 2020, for the City of Sandwich Swimming Pool Fund. CITY OF SANDWICH SWIMMING POOL FUND STATEMENT OF NET POSITION DECEMBER 31, 2020 Assets 400,000 (24,500) Total Assets Liabilities And Fund Equity Liabilities Total Current Liabilities 3,000 Net Position Total Liabilities And Net Position $ 445,000 St of Swimming St of Net St of Cash Revenues Pool Fund Position Flows Expenses Prepare a Statement of Cash Flows for the year ended December 31, 2020, for the City of Sandwich Swimming Pool Fund. Enter Cash outflows as negative values. CITY OF SANDWICH SWIMMING POOL FUND STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net Cash Provided by(Used for) Operating Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES 125,000 (125,000) 0 Net Cash Provided by(Used for) Noncapital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES (400,000) 200,000 200,000 (6,000) (6,000) Net Cash Provided by(Used for) Capital and related financing activities CASH FLOWS FROM INVESTING ACTIVITIES Increase in Cash and Cash Equivalents 64500 Increase in Cash and Cash Equivalents 64500 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES 24,500 (5,000) 70,500 $