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During the year ended June 30,2020 , 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: 4. Materials and supplies were used in the amount of $282,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $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. The Allowance for Uncollectible Accounts was increased by $10,000. 12. As required by the loan agreement, cash in the amount of $107,000 was transferred to Restricted Assets for eventual redemption the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $95,000. 14. 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, 2020. d. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outiay. Assume the entire construction work in progress Hability (see item 3) was paid in entry 7 . Include restricted assets as cash and cash equivalents. In the reconciliation, assume the Accounts Receivable is netted against the Allowance account Prepare a Statement of Net Position as of June 30, 2020. (Deductions should be entered as a negative amount.) 20.2780 points awarded scored TOWN OF WESTON WATER UTILITY FUND Statement of Net Pesition June 30,2020 Assets CurrentAssots: Cash Customer Fees Fecelvable Less: Alowance for Uncollectible accounts Due From Other Funds Uerestricted Total Curent Assets Noncurrent Assots: Pestricted Assets Uulity Plant in Service Less: Accumulated Depresiation Ucicy Plant in Sevice Construction Work in Progress Total Assets Liabilities and Fund Equily Liabilities Cument Liabilies: Aceounts Payable Acerued Expenses Payable Total Curtert Liabiates Nencurent Liablited: Revenue Uonds Payatle Total Labities Net Position Net imostment in Capita/ Assets. Restricted Assets Uneostricted Total Nel Position Total Labities and Net Postion \begin{tabular}{r|r} 0 & 8 \\ 0 & 8 \\ 0 & 8 \end{tabular} 0 4 repare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital butiay. Assume the entire construction work in progress liability (see item 3) was paid in entry 7 . Include restricted assets as cash and cash equivalents. (Deductions should be entered as a negative amount.)