P. 6-2The transactions of a capital projects fund can be derived from its basic financistatements. Crystal City established a capital projects fund to account for the constructiona new bridge. During the year the fund was established, the city issued bonds, signe(and encumbered) $6 million in contracts with various suppliers and contractors, arincurred $4.3 million of construction costs. It temporarily invested a portion of the borproceeds and earned $20,000 in interest, which was received in cash. Tlaccompanying statement of revenues, expenditures, and changes in fund balance arbalance sheet were taken from its year-end ?nancial report. Based on the data in titwo statements, as well as those provided in the previous paragraph, prepare journentries to summarize the transactions in which the fund engaged. You should prepawbudgetary entries, but need not prepare closing entries. Crystal City, Capital Projects Fund Statement of Revenues, Expenditures, an:Changesin Fund Balance—Actual and Budget Year Ended December 31 (in thousands ActualBudgetRevenuesCash grant from state $ 2,000 $2,000Interest 20 _Total revenues $ 2,020 $2,000ExpendituresBond issue costs $ 50Construction costs 4.300 5.000Total expenditures H.350 $_5.0_0_Q Excess of revenues over expenditures $l2.330) $134000)