Crystal City established a capital projects fund to account for the construction of a new bridge. During the year the fund was established, the city issued bonds, signed (and encumbered) $6 million in contracts with various suppliers and contractors, and incurred $4.3 million of construction costs. It temporarily invested a portion of the bond proceeds and earned $20,000 in interest, which was received in cash. The accompanying statement of revenues, expenditures, and changes in fund balance and balance sheet were taken from its year-end financial report. Based on the data in the two statements, as well as those provided in the previous paragraph, prepare journal entries to summarize the transactions in which the fund engaged. You should prepare budgetary entries, but need not prepare closingentries.

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Parks, Recreation, and Municipal Capital mprovement Bond Fund Statement of Revenues, Expenditures, and Changes in Fund Balance-Budget and Acual Year Ended December 31. 20i5 fin thousands) Budget Actual Interest earnings $ 75 131 Capital outlay General government-facility ,552 45 Culture and recreation-facility 5,500177 Total expenditares $7052 1,602 $,977 $(1471) $ 7,0S2 $7,052 13) $6 6,921 Deficiency of revennes over Other financing snurces (ases) Proceeds from honds pavable Nonreciprocal transfers out Total other financing sources (uses) Excess of revennes and other sources over expenditures and other nses $ 0 5,450 Fund balance, beginning of year Fund balance, end of year $ 5,450 Grystal City, Capital Projects Fund Balance Sheet is of December 3I in thousands) $ 5,320 Total assets Accounts payable (to contractors) Fund balance Assigned Total fund balance Total liabilitics and fund balance