Using the information provided here for the Airport Enterprise Fund of the City of Demere, prepare a statement of revenues, expenses, and changes in fund net position for 20X3.
Charges for services . . . . . . . . . . . . . . . . . . . . . . $3,500,000
Salaries expense . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000
Contractual services used . . . . . . . . . . . . . . . . . . . 1,100,000
Supplies used . . . . . . . . . . . . . . . . . . . . . . . . . 200,000
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000
Interest received . . . . . . . . . . . . . . . . . . . . . . . . 120,000
Increase in fair value of investments . . . . . . . . . . . . . 23,000
Loss on sale of capital assets . . . . . . . . . . . . . . . . . . 4,000
Transfers from the General Fund . . . . . . . . . . . . . . . . 222,000
Capital assets donated for Enterprise Fund use . . . . . . . . 500,000
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . 450,000
Amortization of deferred interest expense adjustment
(credit balance) . . . . . . . . . . . . . . . . . . . . . . . . 25,000
Expenditures that qualify (100% reimbursable)
under capital grant . . . . . . . . . . . . . . . . . . . . . . 1,300,000
Net Position, January 1, 20X3 . . . . . . . . . . . . . . . . . 3,827,000