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The City of West Bend decided to establish an internal service fund to account for the operations of a Print Shop. The Print Shop is to begin operations on July $1,2020$ the first day of the City's fiscal year. During the fiscal year ended June $30,2021$ the following transactions occurred:

$($a$)$ The General Fund made a permanent contribution of $$1,200,000$ and a long$-$term advance of $$400,000$ to the Print Shop Fund. The advance is to be repaid by the Print Shop Fund in four equal annual installments; the first installment is due $\frac{7}{1}\frac{?}{22}.$ The advance is non$-$interest bearing and is considered issued for the purchases of equipment.

$($b$)$ During the year equipment was purchased $($for cash$)$ in the amount of $$600,000.$

$($c$)$ During the year, printing supplies costing $$800,000$ were purchased; all but $$30,000$ was paid in cash.

$($d$)$ Billings to departments during the year totaled $$2,100,000$ at selling price. All but $$200,000$ was received in cash.

$($e$)$ The cost of supplies used during the year totaled $$2730,000$;

$($f$)$ Salaries and wages were $$1,100,000$ and utilities were $$100,000($all paid in cash$)$; and

$($g$)$ Depreciation was charged on equipment, $$60,000.$

Required:

Prepare journal entries in the general journal of the City of West Bend Print Shop Fund to reflect the above transactions.

Prepare closing entries for the year.

Prepare, in good form, the equity section of the Statement of Net Assets for the Clty of West Bend Print Shop Fund as of June $30,2021.$

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