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 $ 327,060 Accounts receivable (net of doubtful accounts of $16,680) 396,090 Investments 268, 090 Capital assets $1, 876, 609 Accumulated depreciation 296, 209 1,580,060 Total assets 2,571,600 Liabilities Accounts payable 111,606 Accrued liabilities 44, 090 Unearned revenue 31, 090 Bonds payable 744, 090 Total liabilities 930, 090 Net Position Net investment in capital assets 836,090 Restricted 206, 060 Unrestricted 599,809 Total net position $1, 641, 090 The following Information pertains to the year ended June 30, 2023: 1. South billed tultion and fees totaling $1,477,000 and provided $245,000 In scholarship walvers. 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 $541,000 6. During the year, $827.000 in cash contributions was received from alumni. Of the amount contributed, $260,000 is to be used for construction of a new library. 7. Interest expense on the bonds payable In the amount of $51,000 was pald. 3. Student tuition refunds of $121,000 were made. Cash collections of tultion and fees totaled $1,562000, $141,000 of which applied to the semester beginning In August 2023. Investment Income of $11,000 was earned and collected during the year. 9. General expenses of $3,962,000 related to the administration and operation of academic programs, and research expenses of $33,000 related to the development of student performance measures, were recorded In the voucher system. At June 30, 2023. the accounts payable balance was $68,000. 10. Accrued liabilities at June 30, 2022, were paid.11. At year-end, adjusting entries were made. Depreciation on capital assets totaled $81,000. The Allowance for Doubtful Accounts was adjusted to $18,000. Accrued Interest on Investments was $1,100. 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 a statement of net position for the year ended June 30, 2023. (Amounts to be deducted should be indicated with a minus sign.)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 Cast Accounts Receivable (net) Interest Receivable 1.100 Grant Receivable 33,000 Investments 277.000 Capital Assets $ 2.417.000 Less: Accumulated Depreciation (377,000) 2,040,000 Total Assets 2,351.100 Liabilities Accounts Payable 68.000 Unearned Revenue 141,000 Bonds Payable 744.000 Total Liabilities 953,000 Net Position Net Investment in Capital Assets Restricted Unrestricted Total Net Position