Jefferson County established a capital project fund in 2019 to build low-income housing with the transfer of $100,000 from the General Fund. A portion of that was expended on engineering studies in 2019. The following transactions occurred during 2020:

Capital Project Fund Trial Balance: December 31, 2019
	Debits	Credits
Cash	$72,000
Fund Balance		$72,000

1. April 1, 2020, 4 percent bonds with a face value of $800,000 were issued in the amount of $817,000. The bond premium was transferred to the debt service fund.

2. The County received notice that it had met eligibility requirements for a federal government grant intended to support the capital project in the amount of $265,000. The grant (cash) will be received when the project is completed in February 2021.

3. The County issued a contract for the construction in the amount of $1,030,000.

4. The contractor periodically bills the County for construction completed to date. During the year, bills totaling $680,000 were received. By year-end, a total of $605,000 had been paid.

Jefferson County established a debt service fund to make interest and principal payments on the bonds issued in item 1 above. Bond payments are made on October 1 and April 1 of each year. Interest is based on an annual rate of 4 percent. A principal payment of $27,000 is due in 2020. The following transactions occurred during 2020:

5. The bond premium was received by the debt service fund through transfer from the capital project fund.

6. Page 142September 30, $43,000 was transferred from the General Fund for the October 1 bond payment.

7. The first debt service payment was made on October 1, 2020.

The Elwood Family Reading Enrichment Fund was established in December 2019, funded by a bequest with the legal restriction that only earnings, and not principal, can be used for the purchase of books for the James K. Polk Library in Jefferson County. The principal amount that must be maintained is $500,000. The following transactions occurred during 2020:

Permanent Fund Trial Balance: December 31, 2019
	Debits	Credits
Receivable from Grantor	$500,000
Nonspendable Fund BalanceLibrary Purchases		$500,000

8. The Elwood family pledge of $500,000 was received in donated corporate bonds with a fair value of $370,000 and the balance in cash.

9. $130,000 was invested in U.S. government securities.

10. Interest in the amount of $16,500 was received in cash during the year.

11. During the year, books totaling $11,500 were ordered for the library.

12. During the year, the library reported receiving books with an invoice amount totaling $11,500; $10,700 of the amounts due for book purchases had been paid by year-end.

13. An additional $700 of interest had accrued on the investments at December 31 and will be received in January of next year.

14. The corporate bonds had a market value of $372,500 and the U.S. securities had a market value of $129,800 as of December 31. Required: Using the Excel template provided (a separate tab is provided for each of the requirements):

    1. Prepare journal entries recording the events 1 to 14 for the capital projects, debt service, and permanent funds.

    2. Post the journal entries to T-accounts.

    3. Prepare closing entries.

    4. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Governmental Funds (the General Fund financial statements have already been prepared).

    5. Prepare a Balance Sheet for the Governmental Funds, assuming that unexpended spendable resources in the capital projects and permanent funds are classified as restricted and unexpended spendable resources in the debt service fund are classified as assigned.