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The Rural Assistance Agency operates three major programs as responsibility centersthe Food Bank, Housing Services, and Credit Counseling. Clients pay a fee for services on a sliding scale based on income. The following information is drawn from the accounting records of the agency for the year ended September 30, 2017. Earned revenue from the three programs was as follows: Food Bank, $2,611,900; Housing Services, $1,237,400; and Credit Counseling, $87,000. Costs for the same period were: Food Bank, $9,632,800; Housing Services, $7,438,500; and Credit Counseling, $2,391,000. Required Prepare a statement of net cost for the Rural Assistance Agency for the year ended September 30, 2017 RURAL ASSISTANCE AGENCY Statement of Net Cost For the Year Ended September 30, 2017 Food Bank Costs Net Cost Housing Services Costs Net Cost Credit Counseling Costs Net Cost Total Costs Net Cost of Operations