Question

The following transactions took place in the town of Burchetteduring 2013: 1. a bond issue of $12,000,000 was authorized for theconstruction of a library, and the estimated bond issue proceedsand related appropriations were recorded in the general ledgeraccounts of a new capital projects fund. 2. the bonds were sold ata premium of $90,0000 3. the cost of issuing the bonds, $80,000 waspaid. 4. an order was placed for materials estimated to cost$6,500,000. 5. salaries and wages of $500,000 were paid. 6. thepremium net of bond issuance costs, was transferred to a debtservice fund. The following transactions took place during 2014: 7.The materials were received; the actual cost was $6,585,000 8.salaries and wages of $4,010,000 were paidl. 9. all outstandingbills were paid. 10. The project was completed. The accounts wereclosed, and the remaining balance was transferred to a debt servicefund.

a. prepare all journal entries (budgetary and actual) includingclosing entries, to record the capital projects fund transactionsfor 2013 and 2014 b. prepare a capital projects fund balance sheetas of december 31 2013 c. prepare a capital projects fund statementof revenues, expenditures, and changes in fund balance for theproject, indluding (1) the year ended december 31, 2013 and (2) aseperate budgetary combined comparison statement for the yearsended december 31, 2013 and 2014

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