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Martin Township decides to construct a new city hall. Based on the following data, prepare a statement of revenues expenditures, and changes in fund balance
Martin Township decides to construct a new city hall. Based on the following data, prepare a statement of revenues expenditures, and changes in fund balance for Martin Township's Capital Projects Fund. All transactions occur within the calendar year 2020 1. The Fund starts and ends the year with a zero fund balance. 2. The Fund's financing sources for the city hall project were: long-term bond proceeds- $5 million; operating transfer from the General Fund-$2 million; state grant $1 million; interest from the temporary investment of cash $70,000 supervision fees- $600,000. construction costs must be transferred to the Debt Service Fund. Therefore, $270,000 was transferred to the 3. Total outlays for constructing the new city hall were: construction costs-$7.200,000; design and construction 4. City laws require that, whenever bonds are used, any remaining difference between total financing sources and Debt Service Fund
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