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The citizens of Spencer County approved the issuance of $2,032,000 in 6 percent general obligation...

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Accounting

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The citizens of Spencer County approved the issuance of $2,032,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Trial Balance-December 31, 2020 Debits Credits Cash 5 920,000 Contract payable $ 563, cee Due from state government 216,880 Encumbrances 120,000 Expenditures-capital 1,866,eee Intergovernmental grant 407,000 OFS: premium on bonds 69,000 OFS: proceeds sale of bonds 2,032,000 Budgetary fund balance-Reserve for encumbrances 120,000 OFU: Transfer out 69,000 $3,191,000 53,191,000 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund. c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex

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