The following Statement of Cash Receipts and Disbursements was prepared by the bookkeeper of The Anchorage Arboretum Authority. The Arboretum Authority is a component unit of the City of Anchorage and must be included in the City's financial statements. It began operations on January 1, 2020 with no outstanding liabilities or commitments and only 2 assets: (1) $15,000 cash and (2) land that it had paid $23,000 to acquire.

	Cash Basis
	12 months
Cash Receipts:
Admission fees		400,000
Borrowing from bank		80,000
Total deposits		480,000
Cash Disbursements:
Supplies		52,700
Labor		232,000
Utilities		41,600
Purchase of machinery		90,000
Interest on bank note		2,000
Total checks		418,900
Excess of Receipts over Disbursements:		61,100

• The loan from the bank is dated April 1 and is for a five year period. Interest (5% annual rate) is paid on Oct. 1 and April 1 of each year, beginning October 1, 2020.
• The machinery was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of 10 years. (straight-line basis).
• Supplies on hand amounted to $2,760 at December 31, 2020. These included $650 of fertilizer that was received on December 29 and paid in January 2020. All other bills and salaries related to 2020 had been paid by close of business on December 31.

Required: Part A. Prepare a Statement of Revenues, Expenditures and Changes in Fund Balance for the year ended December 31, 2020 for the Arboretum assuming the City plans to account for its activities on the modified accrual basis.

Part B. Prepare a Statement of Revenues, Expenses and Changes in Net Position for the year ended December 31, 2020 for the Arboretum assuming the City plans to account for its activities on the accrual basis.