The city of Sharpsburg owns the Sharpsburg Energy Company, which provides electricity to area businesses and residences. The city accounts for the activities of the energy company in an enterprise fund. During 2023, the city engaged in the following transactions related to the energy company. Using good form, compose all necessary journal entries that the city would make to record the following transactions in the Sharpsburg Energy Company Enterprise Fund for 2023.

a. The energy company billed and collected $780,000 from customers for services provided during 2023.

b. The energy company received a $310,000 cash contribution from a developer for the sole purpose of subsidizing the cost of connecting new houses to existing utility lines.

c. The city transferred $180,000 from the General Fund to help with the energy company's operating expenses.

d. The energy company billed and collected $350,000 for the installation of residential electricity meters. The actual cost of the electricity meters (paid in cash) was $290,000. (Note: The electricity meters are owned by the energy company.)

e. Revenue bonds in the amount of $1.3 million were issued at par to finance the purchase of a new building. The cash received from the bond issuance must be used to purchase the new building.

f. The revenue bond agreement requires that the energy company set aside an additional $130,000 for purposes of servicing the debt if revenues are not sufficient to do so.

g. The energy company paid $1,200,000 to purchase the new building.

h. The energy company incurred the following costs (all paid in cash):

• Purchases of electricity $390,000;
• Supplies $280,000;
• Interest $30,000.

i. The energy company's policy is to use straight-line depreciation and to take a full year's depreciation in the year of acquisition. The building has an estimated useful life of 30 years, and the electricity meters have an estimated useful life of 10 years.

j. compose any required year-end adjusting journal entries.

Using the journal entries using good form, compose the Statement of Revenues, Expenses and Changes in Net Position for the year ending December 31, 2023, and the Statement of Net Position at December 31, 2023. At December 31, 2022, the Sharpsburg Energy Company Enterprise Fund had the following account balances in its General Ledger:

Cash -- $760,000

Unrestricted Net Position -- $760,000