Business, 08.03.2021 20:10 kragland4752

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 $161,511.
2. The beginning net position balances are net investment in capital assets $585,400; restricted $5,000; and unrestricted $254,790.
3. New golf carts were leased. The present value of the lease liability is $200,000. A principal payment of $40,000 was made during the year and amortization of the leased asset totaled $37,500.
4. Lawn edging equipment with a carrying value of $6,100 was sold for $6,300.
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 of other assets totaled $30,000.
Required: Prepare the net position section of Shelburneâ€™s statement of net position.
Net Position:Net Position - Net investment in capital assets:Net Position - Restricted:Net Position - Unestricted:Total Net Position:

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The village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided wi...

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