P$17-7($Statements$)$ Analysis of the accounts of Hathaway State College for the fiscal year endedJune $30,20$X$7,$ provided the following information:Revenues from: Unrestricted RestrictedTuition and fees $$7,300,000$State appropriations $5,920,000$ $ $840,000$Federal grants and contracts $(80\%$ operating;$20\%$ capital$)2,000,000$Private gifts, grants, and contracts $2,950,0001,112,000$Sales and services of auxiliary enterprises $3,000,000$Sales and services of educational activities$500,000$Expenses for:Instruction $5,830,000760,000$Research $1,200,000610,000$Public service $300,0002,000,000$Academic support $2,000,000$Student services $925,000$Institutional support$2,500,000$Operation and maintenance of plant $3,125,000$Scholarships and fellowships$200,000155,000$Auxiliary enterprises$2,660,000$Additional Information$1.$ Earnings of the endowments included the following:Unrestricted $ $100,000$Restricted for:Scholarships and fellowships $45,000$Plant expansion. $75,000$Total$ $220,0002.$ Contributions received during fiscal year $20$X$7$ were for these purposes:a$.$ Unrestricted $$2,950,000$b$.$ Scholarships and fellowships$320,000$c$.$ Specific academic programs$1,800,000$d$.$ Endowment $4,300,000$e$.$ Plant expansion $850,000$f$.$ Debt service $40,000$g$.$ Life income trust$160,000$Problems $729$M$17\_$FREE$9569\_11\_$SE$\_$C$17.$indd $7291/17/1711$:$23$ AM$730$ CHAPTER $17$ Accounting for Colleges and Universities$3.$ Restricted investment income was earned for:a$.$ Scholarships and fellowships$$195,000$b$.$ Specific academic programs $250,000$c$.$ Plant expansion $78,000$d$.$ Debt service $30,0004.$ Restricted federal grants and contracts of $$2,230,000$ received during the year wererestricted for specific operating purposes. State appropriations of $$340,000$ restricted tospecific academic programs and $$500,000$ restricted to expansion of the business buildingalso were received $($and are included in the account balances provided.$)5.$ Proceeds of equipment sales during the year, $$27,000,$ are unrestricted. The cost of theassets sold was $$140,000,$ and the related accumulated depreciation was $$104,000\mathrm{.}6.$ Depreciation of plant facilities for the fiscal year was $$800,000\mathrm{.}7.$ The university issued $$4,000,000$ of bonds at par to finance construction of a new chemistrybuilding, but construction had not begun at June $30,20$X$7\mathrm{.}8.$ $$300,000$ of long$-$term debt and $$340,000$ of interest matured and were paid in fiscal year$20$X$7\mathrm{.}9.$ Total net position at the beginning of the year was $$27,000,000.$RequiredPrepare a Statement of Revenues, Expenses, and Changes in Net Position for Hathaway StateCollege for the fiscal year ended June $30,20$X$7.$