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Exercise 7-26(Algo) Net Position Classifications [LO 7-5] The Village of Shelburne operates a...

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Accounting

Exercise 7-26(Algo) Net Position Classifications [LO 7-5]
The Village of Shelburne operates a nine-hole golf course as an enterprise fund. You are provided with the following information for
the current year:
Net income for the year was $161,591.
The beginning net position balances are net investment in capital assets, $585,440; restricted, $5,020; and unrestricted, $254,860.
New golf carts were leased. The present value of the lease liability is $200,090. A principal payment of $40,070 was made during
the year, and amortization of the leased asset totaled $37,520.
Lawn edging equipment with a carrying value of $6,160 was sold for $6,380.
A new lawn mower was purchased for $75,000. At the end of the year, a $25,000 note associated with the machine remains
outstanding. Depreciation of the mower was $7,500.
Additional depreciation totaled $30,000.
Required
Prepare the net position section of Shelburne's statement of net position.
Answer is complete but not entirely correct.
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