The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2016, the first day of the fiscal year: Credits $ Debits 337,000 204,200 $ 30,700 122,800 255,000 7,007,000 Cash Customer accounts receivable Allowance for uncollectible accounts Materials and supplies Restricted assets (cash) Utility plant in service Accumulated depreciation-utility plant Construction work in progress Accounts payable Accrued expenses payable Revenue bonds payable Net position Totals 2,607,000 107,000 128,400 80, 300 3,507,000 1,679,600 $8,033,000 $8,033,000 During the year ended June 30, 2017, the following transactions and events occurred in the Town of Weston Water Utility Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,386,000; billings to the General Fund amounted to $112,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $ 192,000 366,000 206,000 225,000 4. Materials and supplies were used in the amount of $282,000, all for costs of sales and services. 5. $14,400 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1,503,600 from nongovernmental customers and $49,600 from the General Fund. 7. $1,060,600 of accounts payable were paid in cash. 8. One year's interest in the amount of $179,400 was paid. 9. Construction was completed on plant assets costing $255,000; that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $265,100. 11. Interest in the amount of $25,500 was reclassified to Construction Work in Progress. (This was previously paid in item 8.) 12. The Allowance for Uncollectible Accounts was increased by $10,000. 13. As required by the loan agreement, cash in the amount of $107,000 was transferred to Restricted Assets for eventual redemption of the bonds. 14. Accrued expenses, all related to costs of sales and services, amounted to $95,000. 15. Nominal accounts for the year were closed. Required: a. Record the transactions for the year in general journal form. b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position. c. Prepare a Statement of Net Position as of June 30, 2017. d. Prepare a Statement of Cash Flows for the year ended June 30, 2017. Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress liability (see item 3) was paid in entry 7. Include restricted assets as cash and cash equivalents