Hi - I have partially finished the following question. My work so far is in the attachment. Could you check my work and help me finish the problem? Thanks!

The problem is:

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 estimated bond 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 material estimated to cost $6,500,000.

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

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

The following transactions took place in 20X4:

7. The materials were received, 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 transferred to a Debt Service Fund.

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

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

Problem 7-2(a) Village of Burchette Capital Projects Fund General Journal 20X3 1 2 Cash 12,820,000 OFS-Bond Principal Bonds Premium 12,000,000 820,000 To record bonds issued at premium 3 4 Encumbrances-Material Reserve for Encumbrance 6,500,000 6,500,000 To place order for materials 5 Expenditure Cash 500,000 500,000 To record salaries paid in 20X3 6 OFS Bond Premium Debt Service Fund 900,000 900,000 To record the premium transfer to a debt service fund C1 OFS Bonds Processed 12,820,000 Unreserved Fund Balance Transfer to Debt Service Fund 12,000,000 820,000 Closin Entry for 20X3 Revenue C2 Unreserved Fund Balance 7,000,000 Expenditures Encumbrances 500,000 6,500,000 C3 20X4 Reversing Entry: 7 Materials Reserve for Encumbrances Cash Encumbrance 6,585,000 6,500,000 6,585,000 6,500,000 To record materials being paid 8 Expenditure Cash To record the payment of salaries and wages 9 10 C1 C2 4,010,000 4,010,000 Problem 7-2(a) Village of Burchette Capital Projects Fund Balance Sheet December 31, 20X3 Assets Cash 11,590,000 Fund Balance Fund balance, Restricted 11,590,000