P11- 2 ( Accounting cycle for 1 month) The Star Exploration Agency, a unit of the Space Department, was established by Congress to begin operations at the beginning of fiscal year 2014. Following are the agencyAc€?cs transactions during October, its first month of operations:

October 1 Congress passed and the president approved a $ 1,000,000 appropriation for this agency.
October 1 Of the amount appropriated, $ 950,000 was apportioned by the OMB.
October 1 The Space Department allotted the agency $ 100,000 to carry out its October operations.
October 1 Purchase requests were made for materials and supplies, estimated to cost $ 88,000.
October 4 Purchase orders were placed for materials and supplies, estimated to cost $ 85,000. The other requests ( for $ 3,000) were cancelled.
October 10 Materials and supplies previously ordered were received, together with invoices for $ 80,000. All items received were placed in inventory. The remaining items ( for $ 5,000) will be received at a later date.
October 14 A disbursement schedule was sent to the Treasury, requesting that it pay invoices amounting to $ 80,000.
October 24 The Treasury informed the agency that it had paid invoices amounting to $ 76,000.
October 31 An inventory count showed that $ 15,000 of materials and supplies was on hand. The rest was used in operations.

Use the preceding information to do the following:
a. Prepare journal entries to record the events of October.
b. Prepare a preclosing trial balance.
c. Prepare the following month- end statements: balance sheet, statement of net costs, statement of changes in net position, and statement of budgetary resources