The City of Breukelen maintains a rapid transit system, which is accounted for in a proprietary fund called Breukelen RTS. The following excerpt from the trial balance shows all the information needed to prepare an operating statement. Therefore, prepare a statement of revenues, expenses, and changes in fund net position for the Breukelen RTS for the year ended December 31, 2012, using the appropriate format.

Revenues from fares ............$ 3,150,000

Train operating expenses........... 2,430,000

Track and train maintenance expenses.... 565,000

Depreciation ...............325,000

Investment income ............50,000

Interest expense on long- term debt..... 320,000

Cash subsidy from the City of Breukelen ..500,000

Net assets, January 1, 2012 ...........7,430,000