The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2022, follows. SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2022 Assets Cash Accounts receivable (net of doubtful accounts of $16,000) Investments Capital assets Accumulated depreciation Total assets Liabilities Accounts payable Accrued liabilities Unearned revenue Bonds payable Total liabilities Net Position Net investment in capital assets Restricted Unrestricted Total net position $ 372,000 394,000 266,000 $1,862,000 292,000 1,570,000 2,602,000 112,000 45,000 31,000 744,000 932,000 826,000 204,000 640,000 $1,670,000 The following information pertains to the year ended June 30, 2023: 1. South billed tuition and fees totaling $1,503,000 and provided $250,000 in scholarship waivers. 2. Unearned revenue at June 30, 2022, was earned during the year ended June 30, 2023. 3. Notification was received from the federal government that up to $51,000 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 $3,060,000 from the state. 5. Equipment for the student computer labs was purchased for cash in the amount of $540,000. 6. During the year, $825,000 in cash contributions was received from alumni. Of the amount contributed, $100,000 is to be used for construction of a new library. 7. Interest expense on the bonds payable in the amount of $51,000 was paid. 8. Student tuition refunds of $120,000 were made. Cash collections of tuition and fees totaled $1,550,000, $141,000 of which applied to the semester beginning in August 2023. Investment income of $10,000 was earned and collected during the year. 9. General expenses of $3,602,000 related to the administration and operation of academic programs, and research expenses of $30,000 related to the development of student performance measures, were recorded in the voucher system. At June 30, 2023. the accounts payable balance was $62,000. 10. Accrued liabilities at June 30, 2022, were paid. 11. At year-end, adjusting entries were made. Depreciation on capital assets totaled $74,000. The Allowance for Doubtful Accounts was adjusted to $18,000. Accrued interest on investments was $1,000. The fair value of investments at year-end was $277,000. Of the income earned on investments, $5,100 was restricted. 12. Nominal accounts were closed and net position amounts were reclassified as necessary. Required a-1. Prepare journal entries to record the foregoing transactions for the year ended June 30, 2023. a-2. Prepare closing entries for the year ended June 30, 2023. b. Prepare a statement of net position for the year ended June 30, 2023. Complete this question by entering your answers in the tabs below. Req a1 Req a2 Req b Prepare journal entries to record the foregoing transactions for the year ended June 30, 2023. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) A Record the tuition and fees receivable, the waivers and scholarships. B Record the unearned revenue for the year. C Record the entry for grants due from the Federal Government for student performance measures. D Record the receipt of without donor restrictions appropriation from the state. Record the purchase of equipment. F Record the receipt of contributions from alumni. Note : = journal entry has been entered G Record the payment of interest on the bonds. H Record the refund of tuition and fees. I Record the receipt of balance tuition and fees and interest income for the year. Record the general expenses incurred during the year. Record the general expenses paid during the year. L Record the grant receivable related to the development of student performance measure. M Record the accrued liabilities paid during the year. N Record the adjustment required for bad debts. 0 o Record the depreciation entry for the year. P Record the interest accrued on investments for the year. Q Record the increase in fair value of investments. Req a1 Req a2 Reg b Prepare closing entries for the year ended June 30, 2023. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list A Record the closure of all nominal accounts. B Record the entry to reclassify the net investment in capital assets. C Record the entry to reclassify Net position-Restricted. Note: journal entry has been entered it Credit Prepare a statement of net position for the year ended June 30, 2023. (Amounts to be deducted should be indicated with a minus sign.) SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2023 Assets Total Assets Liabilities Total Liabilities Net Position Total Net Position