The City of Sandwich purchased a swimming pool from a private operator as of April 1, 2020, for $400,000, of which $200,000 was provided by a onetime contribution from the General Fund, and $200,000 was provided by a loan from the First National Bank, secured by a note. The loan has an annual interest rate of 6 percent, payable semiannually on October 1 and April 1; principal payments of $100,000 are to be made annually, beginning on April 1, 2021. The city has a calendar year as its fiscal year. During the year ended December 31, 2020, the following transactions occurred related to the 

City of Sandwich Swimming Pool:

1. The amounts were received from the City General Fund and the First National Bank.

2. A loan was provided in the amount of $125,000 from the Water Utility Fund to provide working capital.

3. The purchase of the pool was recorded. Based on an appraisal, it was decided to allocate $100,000 to the land, $200,000 to improvements other than buildings (the pool), and $100,000 to the building.

4. Charges to patrons during the season amounted to $242,000, all received in cash.

5. Salaries paid to employees amounted to $115,000, all paid in cash, of which $75,000 was cost of services and $40,000 was administration.

6. Supplies purchased amounted to $40,000; all but $5,000 was used. Cash was paid for the supplies, all of which was for cost of sales and services.

7. Administrative expenses amounted to $16,500, paid in cash.

8. The first interest payment was made to the First National Bank.

9. The short-term loan was repaid to the Water Utility Fund.

10. Depreciation of $18,500 for the pool and $6,000 on the building was recorded for the 9 months they were in operation.

11. Interest was accrued for the year.

12. Closing entries were prepared.

Required:

a. Prepare entries to record the transactions.

b. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2020, for the City of Sandwich Swimming Pool Fund.

c. Prepare a Statement of Net Position as of December 31, 2020, for the City of Sandwich Swimming Pool Fund.

d. Prepare a Statement of Cash Flows for the year ended December 31, 2020, for the City of Sandwich Swimming Pool Fund.