During 2017, the following transactions were recorded by thePort Hudson Community Hospital, a private sector not-for-profitinstitution.

1. Gross charges for patient services, all charged to PatientAccounts Receivable, amounted to $1,830,000. Contractualadjustments with third-party payers amounted to $490,000.
2. Charity services, not included in transaction 1, would amountto $72,000, had billings been made at gross amounts.
3. Other revenues, received in cash, were parking lot, $23,000;cafeteria, $39,500; gift shop, $6,500.
4. Cash gifts for cancer research amounted to $28,550 for theyear. During the year, $55,400 was expended for cancer researchtechnicians’ salaries (debit Operating Expense—Salaries andBenefits).
5. Mortgage bond payments amounted to $54,800 for principal and$31,600 for interest. Assume unrestricted resources are used.
6. During the year, the hospital received, in cash, unrestrictedcontributions of $46,200 and unrestricted income of $38,750 fromendowment investments. (It is the hospital’s practice to treatunrestricted gifts as nonoperating income.)
7. New equipment, costing $158,000, was acquired usingdonor-restricted cash that was on hand at the beginning of theyear. Port Hudson’s policy is to record all equipment in theunrestricted net asset class.
8. An old piece of lab equipment that originally cost $80,000 andthat had an undepreciated cost of $16,000 was sold for $10,000cash.
9. At the end of 2017, pledges received in the amount of $135,000were intended to be paid and used for unrestricted purposes in2018.
10. Cash contributions were received as follows: temporarilyrestricted for purposes other than plant, $43,750; temporarilyrestricted for plant acquisition, $136,000.
11. Bills totaling $225,300 were received for the followingitems:

Utilities	$	142,900
Insurance		82,400

12. Depreciation of plant and equipment amounted to $189,000.
13. Cash payments on vouchers payable amounted to $176,100. Another$806,900 was expended on wages and benefits. Cash collections ofpatient accounts receivable amounted to $1,186,000.
14. Closing entries were prepared.

Required:
a. Record the transactions in the general journalof the Port Hudson Community Hospital.
b. Prepare a Statement of Operations for the PortHudson Community Hospital for the year ended December 31, 2017.

	PORT HUDSON COMMUNITY HOSPITAL Statement of Operations For the Year Ended December 31,2017 Unrestricted Revenues: Total Revenues 0 Net Assets Released FromRestrictions: Total Operating Revenues 0 Operating Expenses: Total Operating Expenses 0 Other Income: Total Other Income 0 Excess of Revenues Over Expenses 0 Net Assets Released fromRestrictions: $0

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