Reference no: EM131220513
(General Ledger Entries; Statements) The following transactions took place in the town of Burchette during 2003:
A bond issue of $12,000,000 was authorized for the construction of a library, and the estimated bond issue proceeds and related appropriations were recorded in the General Ledger accounts of a new Capital Projects Fund.
The bonds were sold at a premium of $90,000.
The cost of issuing the bonds, $80,000, was paid.
An order was placed for materials estimated to cost $6,500,000.
Salaries and wages of $500,000 were paid.
The premium, net of bond issuance costs, was transferred to a Debt Service Fund.
The following transactions took place during 2004:
The materials were received; the actual cost was $6,585,000.
Salaries and wages of $4,010,000 were paid.
All outstanding bills were paid.
The project was completed. The accounts were closed, and the remaining balance was transferred to a Debt Service Fund.
Required:
a. Prepare all journal entries (budgetary and actual), including closing entries, to record the Capital Projects Fund transactions for 2003 and 2004.
b. Prepare a Capital Projects Fund balance sheet as of December 31, 2003.
c. Prepare a Capital Projects Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the project, including (1) the year ended December 31, 2003, and (2) a separate budgetary combined comparison statement for the years ended December 31, 2003 and 2004.
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