I've been working on this problemand I could not figure out why I got entry 12b, 12c and amounts for net position on the Statement of Net Position wrong. Attached is the spreadsheet - first tab is given statement of net position and the second tab is journal entries that correspond with questions. All the journal entries along with the amount are correct. The highlighted boxes are the ones that I had trouble with. The amounts shownin these highlighted boxesarecorrect answers. I am not sure how these amounts for net positionwere calculated, especially in the Statement of Net position. If you can help explain, that would be great.

The Statement of Net Position of South State University, a governmentally owned university, as of the end of its fiscal year June 30, 2016, follows: Statement of Net Position (June 30, 2016) Assets Cash Accounts Receivable (Net of Doubtful Account of $15,000) Investment Capital Assets 1,750,000 Accumulated Depreciation 275,000 1,475,000 Total Assets 1,910,000 2,642,250 Liabilities Account Payable Accrued Liabilities Unearned Revenue Bond Payable Net Position Net Investment in Capital Assts Restricted Unrestricted Total Net Position 340,000 370,000 250,000 105,000 40,000 25,000 600,000 770,000 875,000 215,000 575,000 1,665,000 1. South billed tuition and fees totaling $1,500,000 and provided $250,000 in scholarship waivers. Record the tuition and fees receivable, the waivers and scholarship Account Receivable Tuition & Fee Discount and Allowances Tuition & Fee-Unrestricted 1,250,000 250,000 1,500,000 2. Unearned revenue at June 30, 2016, was earned during the year ended June 30, 2017. Record the unearned revenue for the year. Unearned Revenue - Tuition and Fee Revenues - Tuition and Fee 25,000 25,000 3. Notification was received from the federal government that up to $50,000,000 in funds could be received in the current year for costs incurred in developing student performance measures. Record the entry for grants due from the Federal Government for student performance measures. No journal entry 4. During the year, the University received an unrestricted appropriation of $3,000,000 from the state. Record the receipt of unrestricted appropriation from the state. Cash 3,000,000 Revenues-State Appropriation 3,000,000 5. Equipment for the student computer labs was purchased for cash in the amount of $525,000. Record the purchase of equipment. Capital Assets Cash 525,000 525,000 6. During the year, $800,000 in cash contributions was received from alumni. Of the amount contributed $200,000 is to be used for construction of a new library. Record the receipt of contributions from alumni. Cash 800,000 Revenues - Gift & Grants 800,000 7. Interest expense on the bonds payable in the amount of $48,000 was paid. Record the payment of interest on the bonds. Interest Expense Cash 48,000 48,000 8a. Student tuition refunds of $113,000 were made. Cash collections of tuition and fees totaled $1,458,700, $138,000 of which applied to the semester beginning in August 2017. Investment income of $13,000 was earned and collected during the year. Record the refund of tuition and fee. Revenues - Tuition & Fees (Refund) Cash 113,000 113,000 8b. Record the receipt of balance tuition and fees and interest income for the year.Record the receipt of balance tuition and fees and interest income for the year. Cash 1,471,000 Account receivable - Tuition &Fee Unearned Revenue Revenue-Investment Income 13,207,000 138,000 13,000 9a. General expenses of $4,684,000 related to the administration and operation of academic programs, and research expenses of $37,000 related to the development of student performance measures were recorded in the voucher system. At June 30, 2017, the accounts payable balance was $75,000. Record the general expenses incurred during the year. General Expenses Research Expense Account Payable 4,684,000 37,000 4,721,000 9b. General expenses paid during the year. Account Payable Cash 4,751,000 4,751,000 9c. Record the expenses related to the development of student performance measure. Grant Receivable Revenue-Gift & Grant 37,000 37,000 10. Accrued liabilities at June 30, 2016 were paid. Record the accrued liabilities paid during the year. Accrued Liability Cash 40,000 40,000 11. At year-end, adjusting entries were made. Depreciation on capital assets totaled $90,000. The Allowance for Doubtful Accounts was adjusted to $17,000. Accrued interest on investments was $1,250. The fair value of investments at year-end was $262,000. Of the income earned on investments, $5,230 was restricted. Record the adjustment required for bad debts Provision for Bad Debt Allowance for Doubtful accounts 11b. Record the depreciation entry for the year. Expense-Depreciation Accumulated Depreciation 2,000 2,000 71,000 90,000 90,000 11c. Record the Interest accrued on investment of the year. Interest Receivable Revenue-Investment income 1,250 1,250 11d. Record the increase in fair value of investment. Investment 12,000 Revenue - Change in FV of investment 12,000 12a. Record the closure of all nominal accounts. Revenue - Tuition and Fees 1,412,000 Revenues - State Appropriations 3,000,000 Revenues - Gift and Grant 837,000 Revenues - Changes in FV of Investment 12,000 Revenues - Investment income 13,208,250 Tuition & Fee Discount and Allowances Expenses - Depreciation Provision for Bad Debt Expenses - Interest Expenses - General 250,000 90,000 2,000 48,000 4,684,000 Expenses - Research Net Position - Unrestricted 37,000 164,250 12b. Record the entry to reclassify the net investment in capital assets. why? Net Position - Unrestricted 435,000 Net Position -Net Investment in Capital Assets 435,000 c. Record the entry to reclassify Net position-Restricted. Net position - Unrestricted Net position - Restricted Statement of Net Position Assets Cash Accounts Receivable (Net of Doubtful Account of $17,000) Interest Receivable Grant Receivable Investment Capital Assets 2,275,000 Accumulated Depreciation -365,000 Total Assets 1910000 Liabilities Account Payable Unearned Revenue Bond Payable Total Liabilities Net Position Net Investment in Capital Assts Restricted Unrestricted Total Net Position 205,230 why? 205,230 134,700 297,300 1,250 37,000 262,000 1,910,000 2,642,250 75,000 138,000 600,000 813,000 1,310,000 420,230 99,020 1,829,250 Why?