P7-2 (General Ledger Entries; Statements) 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 issue 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 materials estimated to cost $6,500,000. 5. Salaries and wages of $500,000 were paid. 6. The premium, net of bond issuance costs, was transferred to a Debt Service Fund. The following transactions took place during 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. Required a.Prepare all journal entries (budgetary and actual), including closing entries, to record the Capital Projects Fund transactions for 20X3 and 20X4. b.Prepare a Capital Projects Fund balance sheet as of December 31, 20X3. c.Prepare a Capital Projects Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the project, including (1) the year ended December 31, 20X3, and (2) a separate budgetary combined comparison statement for the years ended December 31, 20X3 and 20X4. I don't understand what the closing entries should be.