Prepare the general journal entries to adjust and close the Environmental Enhancement Agency’s accounts at year end, assuming the agency is financed solely from appropriations.
Appropriations expended for operating costs . . . . . . . . . . . . . . . . . . $3,700,000
Appropriations expended for inventory . . . . . . . . . . . . . . . . . . . . . . . 400,000
Appropriations expended for property, plant, and equipment . . . . 1,200,000
Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
Cost of inventory used during the period . . . . . . . . . . . . . . . . . . . . . . 420,000
Expired authority for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,000
Undelivered orders at year end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,000