10. In 2020, Duqm City began work to improve sea port to be financed by a bond issue and supplemented by a federal grant. The Capital Project Fund to account for the project was designed and designated as the Port Development Fund. The following is the post-closing trial balance for the year ended December 31, 2020.

Items	Debits (OMR)	Credits (OMR)
Revenue-Sales Tax		1,001,400
Earning from Investment		5,400
Bond Interest	825,000
Bond Principal	1,000,000
Other Financing Sources- Inter-fund Transfer in		825,000
Cash	131,000
Tax receivable- Delinquent	1,000
Fund Balance January 1, 2020		125,200
Total	1,957,000	1,957,000

Required:

a. Prepare a Statement of revenues, expenditures and change in fund balance for the period ended December 31, 2020. (7 marks)

b. Prepare a balance sheet for the Port Development Fund as of December 31, 2020.