The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December $31,2024,$ the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.

Debits Credits

Accounts payable $ $104,000$

Accounts receivable $ $26,100$

Accrued interest payable $29,200$

Accumulated depreciation $47,000$

Administrative and selling expenses $49,000$

Allowance for uncollectible accounts $12,500$

Capital assets $709,000$

Cash $90,500$

Charges for sales and services $555,000$

Cost of sales and services $497,000$

Depreciation expense $47,000$

Due from General Fund $17,200$

Interest expense $40,400$

Interest revenue $6,000$

Transfer in from General Fund $115,400$

Bank note payable $625,500$

Supplies inventory $18,400$

Totals $ $1,494,600$ $ $1,494,600$

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.$)$