Silver City received a $$500,000$ federal grant to acquire several buses to be used in its public transit system.$$ The city paid $$400,000$ to acquire several buses.$$ At year$-$end, $$100,000$ of the grant had not yet been used.$$ During the year total depreciation on the buses was $$40,000.$ Revenues for the public system were $$600,000$; operating expenses $($other than depreciation$)$ were $$470,000.$

REQUIRED:

Assuming the Public Transit Enterprise Fund began the year with unrestricted net assets of $$420,000,$ prepare the following for the Public Transit Enterprise Fund.

a$)$ Statement of revenues, expenses, and changes in net position.

b$)$ Net position section of the statement of net position.