During the fiscal year ended June X West City Council authorized construction of a new city hall building and the sale of serial bonds to finance the construction. The following transactions related to financing and constructing the city hall occurred during fiscal X:

On August X West issued $ of serial bonds for $ Interest is payable annually, and the first retirement of $ is due on July X The premium is transferred to the debt service fund.

The old city hall, which had a recorded cost of $ was torn down. The cost of razing the old building was $ net of salvage value. This cost was included in the capital budget but was not encumbered. The cost is vouchered and paid.

West signed a contract with Roth Construction Company to build the city hall for $ The contract cost is to be encumbered. Construction is to be completed during fiscal X

Roth Construction Company bills West $ for construction completed during fiscal X Ten percent of the billings will be retained until final acceptance of the new city hall. The billing less the retainage had been paid during the fiscal year.

Required:

For each of these transactions, prepare the necessary journal entries for all funds involved. Give the closing entries for the capital projects fund.

Prepare a balance sheet for the capital projects fund at June X

Prepare a statement of revenues, expenditures, and changes in fund balance for the capital projects fund for the fiscal year ended June X Assume the new city hall building is the only Capital Project with West City Council at the end of June X