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  3. sacred heart hospital had the following closing en

Sacred Heart Hospital had the following closing entries for the year ended December 31, 2017:...

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Accounting

Sacred Heart Hospital had the following closing entries for the year ended December 31, 2017:

Reclassification to unrestricted net assets
Satisfaction of equipment acquisition restrictions $150,000
Operating revenues: patient service revenue 3,750,000
Operating revenues: other revenue 30,000
Non-operating investment income: unrestricted 10,000
Non-operating: net realized and unrealized gains on investments 12,000
Unrestricted net assets 1,377,000
Contractual adjustments: unrestricted 300,000
Operating expenses: professional care of patients 1,730,000
Operating expenses: general services 345,000
Operating expenses: administration 200,000
Donor restricted net assets 150,000
Reclassification from donor restricted net assets: satisfaction of plant acquisition restrictions 150,000
Non-operating contribution revenue: donor restricted 504,000
Donor restricted net assets 504,000

Required:

  1. Prepare a statement of operations for the year ended December 31, 2017.
  2. Prepare a statement of changes in net assets for the year ended December 31, 2017, assuming beginning net assets are $1,700,000.

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