Prepare a capital projects fund balance sheet

Reference no: EM131810227

The following transactions took place in the town of Burchette during 20X3:

1. 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 new Captial Projects Funds.

2. the bonds were sold at a premium of $90,000.

3. The cost of issuing the bonds, $80,000 was paid.

4. An order was placed for materials estimated to cost $6,500,000.

5. Salaries and wages of $500,000 were paid.

6. The premium, net of bond issuance costs, was transferred to Debt Service Fund. The Following transactions took place during 20X4:

7. The materials were received; the actual cost was $6585000

8. salaries and wages of $4,010,000 were paid.

9. All outstanding bills were paid 10. The project was completed. The accounts were closed, and the remaining balance was transferred to a Debt Service Fund.

A) prepare all journal entries (budgetary & actual), including closing entries, to record the Capital Projects Fund transactions for 20X3 and 20X4.

B) Prepare a capital projects fund balance sheet as of December 31, 20X3.

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, 20X3, and (2) a separate budgetary combined comparison statement for the years ended December 31, 20X3 and 20X4.

Reference no: EM131810227

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