Reference no: EM132466033
Point 1: Net income for the year was $161,571.
Point 2: The beginning net position balances are net investment in capital assets, $585,500; restricted, $5,090; and unrestricted, $254,830.
Point 3: New golf carts were leased. The present value of the lease liability is $200,060. A principal payment of $40,050 was made during the year, and amortization of the leased asset totaled $37,530.
Point 4: Lawn edging equipment with a carrying value of $6,190 was sold for $6,400.
Point 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.
Point 6: Additional depreciation totaled $30,000.
Required
Question 1: Prepare the net position section of Shelburne's statement of net position.
Net Position
NET POSITION-NET INVESTMENT IN CAPITAL ASSETS ?
NET POSITION-RESTRICTED 5,090
NET POSITION-UNRESTRICTED ?
Unrestricted:
Beginning balance $254830
+ Net income 161,571
- Increase in net investment in capital assets ?
Ending balance $ ?
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