just solve part C

150 Chapter 5 ablished a capital projectfund in 2012 Excel-Based Problems 5-13. Jefferson County established a capital pro income housing with the transfer of $100.000 following transactions occurred during 2015: Capital Project Fund Trial Balance: December 31, 2014 Debits 568,000 Fund Balance 000 from the General Credits $700.000 we transferred to the $68,000 1. April 1, 2015, 6 percent bonds with a face value of $700.000 in the amount of $722.800. The bond premium was transfer service fund. 2. The County received notice that it had met eligibility require a federal goverment grant intended to support the capital project amount of $280,000. The grant (cash) will be received when there completed in February 2016 3. The County issued a contract for the construction in the amount $1,000,000 4. The contractor periodically bills the County for construction completed date. During the year, bills totaling $612,000 were received. By yeur en a total of $587,000 had been paid. Jefferson County established a debt service fund to make interest and prino ple 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 fund. 6 percent and principle payments are $22.000 each. The following transactions occurred during 2015: 5. The bond premium was received through transfer from the capital proy 6. September 30, $43,000 was transferred from the General Fund for October 1 bond payment. 7. The first debt service payment was made on October 1, 2015. The Elwood Family Book Fund was established in December 2014 bequest with the restriction that only earnings and no can be used for the purchase of books for the Games Polk LIO Jefferson County. The principal amount the The following transactions occurred duri December 2014, funded ngs, and not princi K. Polk Library in st be maintained is $500,000 ons occurred during 2015: Permanen und Trial Balance December 31, 2014 Recevable from Granto Nonspendable Fund Balance Ubrary Purchases Debits 3500 500 Credits 5500,000 Accounting for Other Governmental Fund Types 11 amily pledge of $500,000 was received in donated corpo fue of $370.000 and the balance in cash build love Sund. The The Elwood family bonds with a fair vai 9. $130,000 was in 10. Interest in the ar 11. During the year, 12. During the year, the amount totaling $12.70 1000 was invested in U.S. Government Securities in the amount of $17,000 was received in cash during the year e the year, books totaling $12.700 were ordered for the library the year, the library reported receiving books with an invoice nt totaling $12,700; 58,600 of the amounts due for book purchases e issued he debt nts for in the Dject is ant of ted to -end, had been paid by year-end. 13. An additional $1.700 additional $1,700 of interest had accrued on the investments December 31 and will be received in January of next year. 14. The con The corporate bonds had a market value of $373,000 and the U.S. securities had a market value of $129,400 as of December 31 Required: Using the Excel template provided (a separate tab is provided for each of the requirements): a. Prepare journal entries recording the events 1 to 14 for the capital projects, debt service, and permanent funds. bPost the journal entries to T-accounts. c. Prepare closing entries. d. Prepare a Statement of Revenues, Expenditures and Changes in Fund Balance for the Governmental Funds (The General Fund financial statements have already been prepared). Prepare a Balance Sheet for the Governmental Funds, assuming that unexpended spendable resources in the capital projects fund are classified as restricted and unexpended spendable resources in the debt service and permanent fund are classified as assigned The state government established a capital project fund in 2014 to build sw highways. The fund is supported by a 5 percent tax on diesel fuel in the state. The tax is collected by private gas stations and remitted following month to the State. The following transactions occurred inci- made e of in the following month during 2015: Credits Cash Capital Project Fund Trial Balance: December 31, 2014 Debits $8,700,000 2,550,000 Taves receivable Contracts payable Fund Balance 1.875,000 9.375,000 150 Chapter 5 ablished a capital projectfund in 2012 Excel-Based Problems 5-13. Jefferson County established a capital pro income housing with the transfer of $100.000 following transactions occurred during 2015: Capital Project Fund Trial Balance: December 31, 2014 Debits 568,000 Fund Balance 000 from the General Credits $700.000 we transferred to the $68,000 1. April 1, 2015, 6 percent bonds with a face value of $700.000 in the amount of $722.800. The bond premium was transfer service fund. 2. The County received notice that it had met eligibility require a federal goverment grant intended to support the capital project amount of $280,000. The grant (cash) will be received when there completed in February 2016 3. The County issued a contract for the construction in the amount $1,000,000 4. The contractor periodically bills the County for construction completed date. During the year, bills totaling $612,000 were received. By yeur en a total of $587,000 had been paid. Jefferson County established a debt service fund to make interest and prino ple 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 fund. 6 percent and principle payments are $22.000 each. The following transactions occurred during 2015: 5. The bond premium was received through transfer from the capital proy 6. September 30, $43,000 was transferred from the General Fund for October 1 bond payment. 7. The first debt service payment was made on October 1, 2015. The Elwood Family Book Fund was established in December 2014 bequest with the restriction that only earnings and no can be used for the purchase of books for the Games Polk LIO Jefferson County. The principal amount the The following transactions occurred duri December 2014, funded ngs, and not princi K. Polk Library in st be maintained is $500,000 ons occurred during 2015: Permanen und Trial Balance December 31, 2014 Recevable from Granto Nonspendable Fund Balance Ubrary Purchases Debits 3500 500 Credits 5500,000 Accounting for Other Governmental Fund Types 11 amily pledge of $500,000 was received in donated corpo fue of $370.000 and the balance in cash build love Sund. The The Elwood family bonds with a fair vai 9. $130,000 was in 10. Interest in the ar 11. During the year, 12. During the year, the amount totaling $12.70 1000 was invested in U.S. Government Securities in the amount of $17,000 was received in cash during the year e the year, books totaling $12.700 were ordered for the library the year, the library reported receiving books with an invoice nt totaling $12,700; 58,600 of the amounts due for book purchases e issued he debt nts for in the Dject is ant of ted to -end, had been paid by year-end. 13. An additional $1.700 additional $1,700 of interest had accrued on the investments December 31 and will be received in January of next year. 14. The con The corporate bonds had a market value of $373,000 and the U.S. securities had a market value of $129,400 as of December 31 Required: Using the Excel template provided (a separate tab is provided for each of the requirements): a. Prepare journal entries recording the events 1 to 14 for the capital projects, debt service, and permanent funds. bPost the journal entries to T-accounts. c. Prepare closing entries. d. Prepare a Statement of Revenues, Expenditures and Changes in Fund Balance for the Governmental Funds (The General Fund financial statements have already been prepared). Prepare a Balance Sheet for the Governmental Funds, assuming that unexpended spendable resources in the capital projects fund are classified as restricted and unexpended spendable resources in the debt service and permanent fund are classified as assigned The state government established a capital project fund in 2014 to build sw highways. The fund is supported by a 5 percent tax on diesel fuel in the state. The tax is collected by private gas stations and remitted following month to the State. The following transactions occurred inci- made e of in the following month during 2015: Credits Cash Capital Project Fund Trial Balance: December 31, 2014 Debits $8,700,000 2,550,000 Taves receivable Contracts payable Fund Balance 1.875,000 9.375,000