(General Ledger Entries; Statements) The following transactions took place in the town of Burchette during 20X3:

1. A bond issue of $12,000,000 was authorized for the construction of a library and the estimates bond isue proceeds and related appropriations were recorded in the General Ledger accounts of a new Capital Projects Fund.

2. The bonds were sold at a premium of $90,000.

3. The cost of issuing the bonds, $80,000 was paid.

4. An order was placed for materials estimated to cost $6,500,000.

5. Salaries and wages of $500,000 were paid.

6. The premium, net of bond issuance costs, was transferred to a Debt Service Fund.

The following transactions took place during 20X4:

7. The materials were recieved; the actual cost was $6,585,000.

8. Salaries and wages of $4,010,000 were paid.

9. All outstanding bills were paid.

10. The project was completed. The accounts were closed, and the remaining balance was transfered to a Debt Service Fund.

a. Prepare all journal entries (butgetary and actual), including closing entries, to record the Capital Projects Fund transactions for 20X3 and 20X4.

b. Prepare a Capital Projects Fund balance sheet as of December 31, 20X3.

c. Prepare a Capital Projects Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the project, including (1) the year ended December 31, 20X3, and (2) separate budgetary combined comparison statement for the years ended December 31, 20X3 and 20X4.