A County Reports the Activities of Its Water and Sewer

Essay

A county reports the activities of its water and sewer services in an enterprise fund. Below is information related to this fund for fiscal 2021. All dollar amounts are in thousands.
Beginning net position at October 1, 2020:
$$\begin{array} { c r } \text { Net investment in capital } & \$ 58,000 \\\text { assets } & \\\text { Restricted for programs } & 35,000 \\\text { Unrestricted } &\underline { 51,000} \\\text { Total net position } & \underline { \$ 144,000 }\end{array}$$ During fiscal 2021, the following transactions occurred:
1) Depreciation expense on capital assets was $45,000.
2) Capital assets of $82,000, financed by capital asset-related debt, were acquired. An additional $15,000 in capital assets were not financed by capital asset-related debt.
3) Principal payments on capital asset-related debt were $62,000. Interest payments were $25,000.
4) Principal payments on general debt were $40,000. Interest payments were $52,000.
5) Proceeds from sale of capital assets were $28,000, and losses of $10,000 were recognized on these asset sales.
6) At the end of fiscal 2021, net position restricted for programs had increased by $6,500.
7) The water and sewer fund's statement of net position at September 30, 2021 reports the following balances:
$$\begin{array} { | l | r | } \hline \text { Total assets } & \$ 170,000 \\\hline \text { Total liabilities } & 25,000 \\\hline \text { Deferred outflows of resources } & 3,000 \\\hline \text { Deferred inflows of resources } & 1,600 \\\hline\end{array}$$ Required
a. Calculate the water and sewer fund's total net position at September 30, 2021.
b. Present the net position section of the water and sewer fund's statement of net position at September 30, 2021, in good form. Show calculations clearly.