Can you please provide me with all detailed entries for all three answers and how you get those entries? I really need to understand how to get the answers. I really appreciate any help that you can give.

Exercise 5-4:

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:

Trial Balance-December 31, 2015	Debits	Credits
Cash	$900,000
Contract payable		$550,000
Due from state government	200,000
Encumbrances	85,000
Expenditures-capital	1,850,000
Intergovernmental grant		400,000
OFS: premium on bonds		45,000
OFS: proceeds sale of bonds		2,000,000
Budgetary fund balance- Reserve for encumbrances		85,000
Transfer out	45,000
	$3,080,000	$3,080,000

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.