The following transactions took place in the town of

Burchette
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 a new
Capital Projects Fund.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 a Debt Service Fund.The following transactions took place during
20X4:7. The materials were received; the actual cost was $6,585,000.8. 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.Requireda. Prepare all journal entries (budgetary and 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, (2) A separate budgetary combined comparison statement for the
years ended December 31, 20X3 and 20X4.View Solution: The following transactions took
place in the town of Burchette
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