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Assuming this was the first year of operations for the

Problem

The General Fund of the City of Parkersburg made a permanent contribution of $100,000 to an internal service fund in 2009. Also, during the year, the internal service fund had revenue of $500,000, expenses of $450,000 and a transfer out of $30,000. Assuming this was the first year of operations for the internal service fund, the ending net position balance, after closing entries, would be what?

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Accounting Basics: Assuming this was the first year of operations for the

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