Washington City created an Information Technology department four years ago to centralize information technology (IT) functions for the city. The goal of the department was to reduce costs, avoid duplication of efforts, and provide up-to-date technology to all of the city's operations. The fund was designed to be self-supporting, that is, all costs are to be recovered through user fees, but any excess of fees over expenses should be less than 4 percent. The preclosing trial balance for the IT department as of last year, is shown below Debits Credits (in thousands) Cash Due from Other Funds Materials and Supplies Machinery and Equipment Accumulated Depreciation Accounts Payable Due to Federal Government Due to Other Funds Net Position-Net Investment in Capital Assets Net Position-Unrestricted $ 14,000 4,110 360 52,700 Inventory $ 29,800 1,760 2,640 1,170 22,900 12,90 $ 71,170 71,170 During the current fiscal year ended December 31, the following transactions (summarized in thousands of dollars) occurred 1. Gross employee wages were $56,700, including the employer's share of social security taxes amounting to $4,040. Federal income and social security taxes withheld from that amount totaled $18,460 2. Office expenses in the amount of $3,670 were paid in cash. 3. Materials and supplies purchased on account during the year were $8,330 4. A bill totaling $14,410 was received for utilities provided by Washington City's utility fund 5. Cash paid to the federal government for payroll taxes was $22,800 6. Cash paid to the Utility Fund was $14,000 7. Accounts payable at year-end totaled $2,930 8. Materials and supplies used during the year were $8,210 9. Charges to departments during the fiscal year were as follows General Fund Special Revenue Fund $57,200 20,400 10. Unpaid balances at year-end were General Fund Special Revenue Fund $ 3,500 1,900 10. Unpaid balances at year-end were: General Fund Special Revenue Fund $ 3,500 1,900 11. The depreciation for the year was $6,000 12. Revenue and expense accounts for the year were closed. a-3. Prepare a statement of revenues, expenses, and changes in net position for the Information Technology Fund for the current yea ended December 31. (Enter your answers in thousands of dollars.) WASHINGTON CITY Information Technology Fund Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended December 31 Billings to Departments Operating Expenses Total Operating Expenses Net Position, January 1 Net Position, December 31 b. Prepare a statement of net position for the Information Technology Fund as of December 31. dollars.) WA SHINGTON CITY Information Technology Fund Statement of Net Position As of December 31 Assets Current Assets: Total Current Assets Capital Assets Total Capital Assets Total Assets Liabilities Total Current Liabilities Net Position Net Position-Net Investment in Capital Assets Net Position-Unrestricted Total Net Position