10:317 Done 16 of 17 Essential of Accounting for Gu X M ay weater 6924802cf=%2F49278 in Fund Balances for the Wildlife Preserve Permanent Fund for the year ended December 31, 2017 How would the permanently invested resources be classified in the fund balance section of the governmental funds Balance Sheet and net position section of the government-wide Statement of Net Position? Excel-Based Problems 5-12. Jefferson County established a capital project fund in 2016 to build low. income housing with the transfer of $100,000 from the General Fund. A portion of that was expended on engineering studies in 2016. The following transactions occurred during 2017: Capital Project Fund Trial Balance: December 31, 2016 Debits $68.000 Credits Cash Fund B $68.000 1. April 1, 2017.4 percent bonds with a face value of $800,000 were issued in the amount of $821,000. The bond premium was transferred to the debt service fund. 2. The County received notice that it had met eligibility requirements for a federal government grant intended to support the capital praject in the amount of $250,000. The grant (cash) will be received when the project is completed in February 2018 3. The County issued a contract for the construction in the amount of $1,000,000 4. The contractor periodically bills the County for construction completed to date. During the year, bills totaling 680,000 were received By year-end, a total of S605.000 had been paid. Jefferson County established a debt service fund to make interest and princi- pal payments on the bonds issued in item 1 above, Bond payments are made on October 1 and Aprill of each year. Interest is based on an annual rate of 4 percent. A principal payment of S27,000 is due in 2017. The following transactions occurred during 2017: 5. The bond premium was received by the debt service fund through transf from the capital project fund 9 xE ZALMAN 10:317 Done 17 of 17 tary Brytewave Reader X e Essentials of Accoun 97ci=%2F%2F8 6. September 30, $43,000 was transferred from the General Fund for the October 1 bond payment. 7. The first debt service payment was made on October 1, 2017. The Elwood Family Reading Enrichment Fund was established in December 2016, funded by a bequest with the legal restriction that only earnings, and not principal, can be used for the purchase of books for the James K. Polk Library in Jefferson County. The principal amount that must be maintained is $500,000. The following transactions occurred during 2017: Credits Permanent Fund Trial Balance: December 31, 2016 Debits Recevable from Geartor $500.000 Nonspendable Fund Balance Story Purchases $500.000 8. The Elwood family pledge of $500.000 was received in donated corporate bonds with a fair value of $370,000 and the balance in cash. 9. S130.000 was invested in U.S. government securities. 10. Interest in the amount of $15.000 was received in cash during the year 11. During the year, books totaling $11.500 were ordered for the library 12. During the year, the library reported receiving books with an invoice amount totaling $11.500: S8,600 of the amounts due for hook purchases had been paid by year end. 3. An additional 5890 of interest had accrued on the investments at December 31 and will be received in January of next year. 14. The corporate bonds had a market value of $373.000 and the U.S. securi- ties had a market value of $129.800 as of December 31. Required: Using the Excel template provided (a separate tab is provided for each of the requirements: a Prepare journal entries recording the events 1 to 14 for the capital proj. ccts, debt service, and permanent funds. b. Post the journal entries to T-accounts. c. Prepare closing entries. Prepare a statement of Revenues. Expenditures, and Changes in Fund Balance for the Governmental Funds (the General Fund financial statements have already been prepared). e Prepare a Balance Sheet for the Govermental Punds, assuming that unexpended pendable resources in the capital projects fund are clas- sified as restricted and unexpended spendable resources in the debt service and permanent funds are classified as assigned. ZALMAN- 10:317 Done 16 of 17 Essential of Accounting for Gu X M ay weater 6924802cf=%2F49278 in Fund Balances for the Wildlife Preserve Permanent Fund for the year ended December 31, 2017 How would the permanently invested resources be classified in the fund balance section of the governmental funds Balance Sheet and net position section of the government-wide Statement of Net Position? Excel-Based Problems 5-12. Jefferson County established a capital project fund in 2016 to build low. income housing with the transfer of $100,000 from the General Fund. A portion of that was expended on engineering studies in 2016. The following transactions occurred during 2017: Capital Project Fund Trial Balance: December 31, 2016 Debits $68.000 Credits Cash Fund B $68.000 1. April 1, 2017.4 percent bonds with a face value of $800,000 were issued in the amount of $821,000. The bond premium was transferred to the debt service fund. 2. The County received notice that it had met eligibility requirements for a federal government grant intended to support the capital praject in the amount of $250,000. The grant (cash) will be received when the project is completed in February 2018 3. The County issued a contract for the construction in the amount of $1,000,000 4. The contractor periodically bills the County for construction completed to date. During the year, bills totaling 680,000 were received By year-end, a total of S605.000 had been paid. Jefferson County established a debt service fund to make interest and princi- pal payments on the bonds issued in item 1 above, Bond payments are made on October 1 and Aprill of each year. Interest is based on an annual rate of 4 percent. A principal payment of S27,000 is due in 2017. The following transactions occurred during 2017: 5. The bond premium was received by the debt service fund through transf from the capital project fund 9 xE ZALMAN 10:317 Done 17 of 17 tary Brytewave Reader X e Essentials of Accoun 97ci=%2F%2F8 6. September 30, $43,000 was transferred from the General Fund for the October 1 bond payment. 7. The first debt service payment was made on October 1, 2017. The Elwood Family Reading Enrichment Fund was established in December 2016, funded by a bequest with the legal restriction that only earnings, and not principal, can be used for the purchase of books for the James K. Polk Library in Jefferson County. The principal amount that must be maintained is $500,000. The following transactions occurred during 2017: Credits Permanent Fund Trial Balance: December 31, 2016 Debits Recevable from Geartor $500.000 Nonspendable Fund Balance Story Purchases $500.000 8. The Elwood family pledge of $500.000 was received in donated corporate bonds with a fair value of $370,000 and the balance in cash. 9. S130.000 was invested in U.S. government securities. 10. Interest in the amount of $15.000 was received in cash during the year 11. During the year, books totaling $11.500 were ordered for the library 12. During the year, the library reported receiving books with an invoice amount totaling $11.500: S8,600 of the amounts due for hook purchases had been paid by year end. 3. An additional 5890 of interest had accrued on the investments at December 31 and will be received in January of next year. 14. The corporate bonds had a market value of $373.000 and the U.S. securi- ties had a market value of $129.800 as of December 31. Required: Using the Excel template provided (a separate tab is provided for each of the requirements: a Prepare journal entries recording the events 1 to 14 for the capital proj. ccts, debt service, and permanent funds. b. Post the journal entries to T-accounts. c. Prepare closing entries. Prepare a statement of Revenues. Expenditures, and Changes in Fund Balance for the Governmental Funds (the General Fund financial statements have already been prepared). e Prepare a Balance Sheet for the Govermental Punds, assuming that unexpended pendable resources in the capital projects fund are clas- sified as restricted and unexpended spendable resources in the debt service and permanent funds are classified as assigned. ZALMAN