There are $22$ journal entries A$-$V

During $2024,$ the following transactions were recorded by the Port Hudson Community Hospital, a private$-$sector not$-$for$-$profit institution:

Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $$1,675,000.$ Estimated contractual adjustments with third$-$party payors amounted to $$405,000,$ and the hospital estimated implicit price concessions totaling $35,000.$

Charity services, not included in transaction $1,$ would amount to $$66,000$ had billings been made at gross amounts.

Other revenues received in cash were parking lot, $$20,000$; cafeteria, $$35,000$; gift shop, $$5,000.$

Cash gifts restricted by the donor for programs amounted to $$32,000$ for the year. During the year, $$50,000$ was expended for technician salaries supporting the program identified by the donor $($Debit Operating Expense$-$Salaries and Benefits$).$

Mortgage bond payments amounted to $$50,000$ for principal and $$28,000$ for interest. Assume unrestricted resources are used.

During the year, the hospital received, in cash, unrestricted contributions of $$42,000$ and unrestricted income of $$35,000$ from endowment investments. $($It is the hospital's practice to treat unrestricted gifts as nonoperating income.$)$

New equipment, costing $$280,000,$ was acquired using donor$-$restricted cash that was on hand at the beginning of the year.

An old piece of lab equipment that originally cost $$50,000$ and had an undepreciated cost of $$10,000$ was sold for $$7,000$ cash.

At the end of $2024,$ pledges $($restricted as to purpose$)$ were received in the amount of $$50,000.$ These are intended to be received and expended in $2025.$

Cash contributions were received from donors restricted for plant acquisition, $$170,000.$

Bills were received for the following items: utilities, $$139,000,$ and insurance, $$80,000.$ These will be paid in January of $2025.$

Depreciation of plant and equipment amounted to $$180,000.$

Cash payments on accounts payable amounted to $$168,000.$ Another $$910,000$ was expended on wages and benefits.

Cash collections of patient accounts receivable amounted to $$1,180,000.$ These were in settlement of patient accounts totaling $$1,587,000.$ Contractual adjustments associated with these totaled $$400,000,$ and price concessions totaled $$7,000.$

Closing entries were prepared.

Required:

Record the transactions in the general journal of the Port Hudson Community Hospital.

Prepare a Statement of Operations for the Port Hudson Community Hospital for the year ended December $31,2024.$

Prepare a Statement of Changes in Net Assets for the Port Hudson Community Hospital for the year ended December $31,2024.$ Assume beginning net assets are x $7$