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



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