Western State University had the following account balances for the year ended and as of June 30, 2012. Debits are not distinguished from credits, so assume all accounts have a “normal” balance.
Student tuition and fee revenue . . . . . . . . . . . . . . . . . . . . . . . . $ 9,045,000
Scholarship tuition and fee contra revenue . . . . . . . . . . . . . . . 920,000
Scholarships and fellowships expense . . . . . . . . . . . . . . . . . . . 988,000
State appropriation for operations . . . . . . . . . . . . . . . . . . . . . . 10,000,000
Auxiliary enterprise revenue . . . . . . . . . . . . . . . . . . . . . . . . . . 9,321,000
Salaries—faculty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,312,000
Capital appropriations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100,000
Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,276,000
Salaries—exempt staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,432,000
Capital grants and gifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,110,000
Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,582,000
Federal grants and contracts revenue . . . . . . . . . . . . . . . . . . . . 1,221,000
Nonexempt wages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,729,000
State and local grants and contracts revenue . . . . . . . . . . . . . . 898,000
Gifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,345,000
Additions to permanent endowments . . . . . . . . . . . . . . . . . . . 900,000
Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 873,000
Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,982,000
Interest on capital-related debt . . . . . . . . . . . . . . . . . . . . . . . . 1,984,000
Net assets, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . 4,680,000
Required:
Prepare, in good form, a Statement of Revenues, Expenses, and Changes in Net Assets for Western State University for the year ended June 30, 2012.