The Edwards Lake Community Hospital balance sheet as of December 31, 2019, follows.

Required
a. Record in general journal form the effect of the following transactions during the fiscal year ended December 31, 2020, assuming that Edwards Lake Community Hospital is a not-for-profit hospital.

1. Information related to accrual of revenues and gains is as follows:
Patient services revenue, gross ....................................................................................$3,500,900
Charity care ..........................................................................................................................211,260
Contractual adjustments to patient service revenues .................................................1,520,000
Other operating revenues ..................................................................................................998,750
2. Cash received includes
Interest on investments in Assets Limited as to Use ..........................................................7,350
Collections of receivables ...............................................................................................2,960,600
3. Expenses of $891,000 were recorded in accounts payable and $1,454,390 in accrued payroll. Because some of the nursing expenses met a net asset restriction, $94,000 was released from restrictions.
Administration expenses ..........................................................................446,480
General services expenses .......................................................................524,360
Nursing services expenses ....................................................................1,031,800
Other professional services expenses ....................................................342,750
4. Cash paid includes
Interest expense (allocated half to nursing services
and half to general services) .....................................................................280,000
Payment on mortgage principal ...............................................................500,000
Accounts payable for purchases ..............................................................836,800
Accrued payroll .......................................................................................1,279,500
5. Interest of $1,180 accrued on investments in Assets Limited as to Use.
6. Depreciation charges for the year amounted to $117,000 for the buildings and $128,500 for equipment. Depreciation was allocated 45 percent to nursing services, 15 percent to other professional services, and 20 percent each to administrative and general services.
7. Other information:
(a) Provision for uncollectible receivables was determined to be adequate.
(b) Supplies inventory balances:

(c) Portion of mortgage payable due within one year, $500,000.
8. A $663 unrealized loss on investments occurred.
9. Nominal accounts were closed. Necessary adjustments were made to increase the Net Assets€”Without Donor Restrictions, Designated for Plant.
b. Prepare a balance sheet as of December 31, 2020.
c. Prepare a statement of operations for the year ended December 31, 2020.
d. Prepare a statement of cash flows for the year ended December 31, 2020.

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EDWARDS LAKE COMMUNITY HOSPITAL Balance Sheet As of December 31, 2019 Assets Current assets: $ 259,300 Cash and cash equivalents Accounts and notes receivable (net of uncollectible accounts of $ 15,800) 26,500 Inventory 71,000 356,800 Total current assets Assets limited as to use: $ 17,140 Cash 229.220 Investments Total assets limited as to use 246,360 Property, plant, and equipment: Land 210,100 Buildings (net of accumulated depreciation of $1,623,000) Equipment (net of accumulated depreciation of $1,024,500) Total property, plant, and equipment 2,893,000 1,858,800 4,961,900 $5,565,060 Total assets Liabilities and Net Assets Current liabilities: $4 19,200 Accounts payable Accrued payroll 45,000 Current portion of mortgage payable 500,000 Total current liabilities 564,200 Long-term debt-mortgage payable 2,500,000 Total liabilities 3,064,200 Net assets: Without donor restrictions Undesignated Designated for plant 2,082,760 246,360 With donor restrictions 171,740 2,500,860 Total liabilities and net assets $5,565,060 12/31/2019 12/31/2020 Administration General services Nursing services Other professional services Totals $ 8,000 8,700 17,000 37,300 $ 7,300 9,000 16,800 40,000 $71,000 $73,100