The Statement of Net Position of South State University, a governmentally owned university, as of the end of its fiscal year June 30, 2016, follows.

SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2016
Assets
Cash					$	296,000
Accounts receivable (net of doubtful accounts of $8,000)						198,000
Investments						134,000
Capital assets	$	938,000
Accumulated depreciation		148,000				790,000
Total assets						1,418,000
Liabilities
Accounts payable						61,000
Accrued liabilities						24,000
Unearned revenue						17,000
Bonds payable						408,000
Total liabilities						510,000
Net Position
Net investment in capital assets						382,000
Restricted						94,000
Unrestricted						432,000
Total net position					$	908,000

The following information pertains to the year ended June 30, 2017:

1.	South billed tuition and fees totaling $817,000 and provided $136,000 in scholarship waivers.
2.	Unearned revenue at June 30, 2016, was earned during the year ended June 30, 2017.
3.	Notification was received from the federal government that up to $28,000 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 $1,680,000 from the state.
5.	Equipment for the student computer labs was purchased for cash in the amount of $297,000.
6.	During the year, $454,000 in cash contributions was received from alumni. Of the amount contributed $220,000 is to be used for construction of a new library.
7.	Interest expense on the bonds payable in the amount of $28,000 was paid.
8.	Student tuition refunds of $66,000 were made. Cash collections of tuition and fees totaled $852,000, $77,000 of which applied to the semester beginning in August 2017. Investment income of $6,000 was earned and collected during the year.
9.	General expenses of $2,161,000 related to the administration and operation of academic programs, and research expenses of $18,000 related to the development of student performance measures were recorded in the voucher system. At June 30, 2017, the accounts payable balance was $37,000.
10.	Accrued liabilities at June 30, 2016, were paid.
11.	At year-end, adjusting entries were made. Depreciation on capital assets totaled $44,000. The Allowance for Doubtful Accounts was adjusted to $10,000. Accrued interest on investments was $600. The fair value of investments at year-end was $152,000. Of the income earned on investments, $2,800 was restricted.
12.	Nominal accounts were closed and net position amounts were reclassified as necessary.

a-1.

Prepare journal entries to record the foregoing transactions for the year ended June 30, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a-2.

Prepare closing entries for the year ended June 30, 2017.

b.	Prepare a statement of net position for the year ended June 30, 2017.