The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.

Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.)

\begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{2}{|r|}{ Debits } & \multicolumn{2}{|c|}{ Credits } \\ \hline Accounts payable & & & $ & 118, \\ \hline Accounts receivable & $ & 32,49 & & \\ \hline Accrued interest payable & & & & 35,6 \\ \hline Accumulated depreciation & & & & 54,0 \\ \hline Administrative and selling expenses & & 56,0 & & \\ \hline Allowance for uncollectible accounts & & & & 14, \\ \hline Capital assets & & 734,9 & & \\ \hline Cash & & 99,80 & & \\ \hline Charges for sales and services & & & & 581, \\ \hline Cost of sales and services & & 51,9 & & \\ \hline Depreciation expense & & 54, & & \\ \hline Due from General Fund & & 18,3 & & \\ \hline Interest expense & & 41,50 & & \\ \hline Interest revenue & & & & 6,0 \\ \hline Transfer in from General Fund & & & & 129,60 \\ \hline Bank note payable & & & & 628,700 \\ \hline Supplies inventory & & 2,90 & & \\ \hline Totals & & 566,9 & $1 & ,566,90 \\ \hline \end{tabular} Journal entry worksheet Record the closing entry for Village of Seaside Pines, Enterprise Fund. Note: Enter debits before credits. \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ For the Year Ended December 31, 2020} \\ \hline Revenues: & \\ \hline & \\ \hline & \\ \hline Total Revenues & 0 \\ \hline Operating Expenses: & \\ \hline 7 & \\ \hline 7 & \\ \hline 7 & \\ \hline & \\ \hline Total Operating Expenses & 0 \\ \hline Operating Income (Loss) & 0 \\ \hline Nonoperating Income (Expens & \\ \hline & \\ \hline 7 & \\ \hline & \\ \hline Total Nonoperating Revenue & 0 \\ \hline Income (Loss) Before Transfers & 0 \\ \hline Transfer from General Fund & \\ \hline Change in Net Position & 0 \\ \hline Net Position - Beginning of Year & \\ \hline Net Position - End of Year & S \\ \hline \end{tabular} capital assets and there are no restricted assets.)