FOR THE PROBLEM BELOW, COULD SOMEONE HELP ME DETERMINE THE:

1. BUDGETARY FUND BALANCE IN JE 1 AND

2.THE ENCUMBRANCES-CAPITAL PROJECT ON THE YEAR END TB.

The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $132,000,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The buildings will be financed by a federal expenditure-driven grant of $27,500,000 and a general obligation bond issue of $110,000,000. During the current year, investment revenue of $4,400,000 is budgeted. (Assume the budget is recorded in the accounts and encumbrance accounting is used.) 2. The bonds were issued for $99,000,000 (the face amount of the bonds was $110,000,000). The difference between the actual cost of the project and the bond and grant proceeds was expected to be generated by investing the excess cash during the construction period. 3. The city collected the grant from the government. 4. The city invested $99,000,000. 5. The contract signed with Paltrow stipulated that the contract price included architect fees. The architects were paid their fee of $49,500 by Spainville. Retainage does not apply to the architect fees. (Assume a Vouchers payable account is used.)

6. Paltrow submitted a progress billing for $27,500,000. The billing, less 5 percent retainage, was approved. Assume that the city will use resources from the federal grant to make this payment. 7. Investments that cost $5,500,000 were redeemed for a total of $5,522,000. Note: The $22,000 increase represents interest income. 8. Interest income totaling $3,850,000 was received in cash. 9. The contractor was paid the amount billed in transaction 6, less a 5 percent retainage. 10. The contractor submitted another progress billing for $27,500,000. The billing, less retainage, was approved. 11. Investments totaling $16,060,000 were redeemed, together with additional interest income of $1,540,000. 12. The contractor was paid the amount billed in transaction 10, less a 5 percent retainage. 13. Interest income of $275,000 was accrued. 14. Bond interest totaling $11,000,000 was paid. Use the preceding information to do the following: a. Prepare the journal entries necessary to record these transactions in a Capital Projects Fund for the City of Spainville. b. Prepare a trial balance for the fund as of June 30, 2022, before closing. c. Prepare any necessary closing entries. The general obligation bond proceeds and federal grant revenues are restricted by the debt covenant and the federal government for construction of the city hall complex. Neither the debt covenant nor the federal grant makes any mention of how investment earnings on their money should be used. Based on authority granted it by the city council, the City of Spainvilles management has decided to use the investment earnings for construction of the city hall complex or, if not needed for construction, for debt service. d. Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2022, and a balance sheet as of June 30, 2022. e. Prepare the journal entry or entries necessary to record the remainder of the budget and to reestablish the budgetary accounts for encumbrances as of July 1, 2022. Assume investment revenues of $2,200,000 are expected in the 2023 fiscal year.

Credit Debit 500000 Account Estimulant Estimate Estimated the financing sources Appropracons Budgetary fund balance 4400000 110000000 132000000 0 9,900,000 N 132000000 0 132000000 OV 99000000 11000000 OV 110000000 25000 0 0 2.7500000 000000 0 99000000 40000 40500 40000 Oy 4050 40000 4500 22:1500000 250000 2.7500000 0 Encumbres capital project Bulary fund balance for an umbrances Te record entrance 2. Cash Other financing use-ondissue discount the financing Sour-ong-lar debatid le reerd bend 3. Cash Adoucionant le recordare Tents Casti Termerd mestnent purchase 5. Bulary fund balance for an umbrances Encumbnapital project Te TV Suman Expenditus Vouchers payabile Te record Vouchers payable Cast Technik Budgetary fund balancererved for encumbrances Encumbantal project I VETERUM Expenditures constructions Construction contracts payable Ilanage play To retard evalle Ao control Havenues-federal grant lely fudenaard Cash Tents Hann To ordinamento Cash Hint To record Construction contracts payable Cash Teen 10. Budgetary fund balancererved for encumbrances Encumbrances-capital project le reverse encumben Expenditur-onstruction costs Ilanage pay Construction contracts payable le record 11 Cash Ints Haven Terms mandation Construction contracts payable Cash > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > 26125000 1325000 200000 o 2:1500000 5522000 5500000 22000 SSDOOD 0 36000 26125000 26125000 2.7500000 2.7500000 2.7500000 1375000 26125000 11600000 0 16060000 1540000 261200 0 26125000 13. 25000 In receive venuesit 275000 TO ALL THE OX Nuneris mache in De Service und) BV Credits 0 0 2250000 110000000 City of Spainville Capital Projects Fund City Hall Fund Trial Balance June 10, 20:22 Debits Cash 52172500 Iniments 78440000 Insivable 2/5000 na payable Other financing Source-long term debid 0 Other financing use-ondissue discount 11000000 dal grant unt Uw Espendisches 49500 Expendituresantruction costs 55000000 Estimated re-receral grant 27500000 Estimated revestimentari 4400000 Estimated the financing Source 11000000 Approprio Encubranapkalt Budgetary fund Budgetary fund bewed for encumbences UX5 2/500000 :00 0 0 0 132000000 5900000 UX