5-5. The citizens of Spencer County approved the issuance of $2,000,000 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: Required: Trial Balance-December 31, 2020 Debits Credits Cash $ 400,000 Contract payable Due from state government Encumbrances Expenditures-capital Intergovernmental grant $ 250,000 75,000 120,000 2,160,000 385,000 OFS: premium on bonds 25,000 OFS: proceeds sale of bonds Budgetary fund balance-Reserve for encumbrances 2,000,000 120,000 OFU: Transfer out 25,000 $2,780,000 $2,780,000 Page 138 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.