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The Village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided with the following information for the current year: 1.
The Village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided with the following information for the current year: 1. Net income for the year was $161,581 2. The beginning net position balances are net investment in capital assets $585.440; restricted, $5,070, and unrestricted, $254,830. 3. New golf carts were leased. The present value of the lease liability is $200,100. A principal payment of $40,070 was made during the year, and amortization of the leased asset totaled $37,540. 4. Lawn edging equipment with a carrying value of $6,150 was sold for $6,370 5. A new lawn mower was purchased for $75,000. At the end of the year, a $25,000 note associated with the machine remains outstanding. Depreciation of the mower was $7,500 6. Additional depreciation totaled $30,000. Required Prepare the net position section of Shelbume's statement of net position Answer is not complete. - VILLAGE OF SHELBURNE Golf Course Enterprise Fund Partial Statement of Net Position As of year End Net Position Net Position-Net Investment in Capital Assets Net Position Restricted Net Position-Unrestricted Total Net Position IS 526,780 $ 526,780
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