P7-2 (General Ledger Entries; Statements) The following transactions took place in the town of Burchette during 20X3: 1. A bond issue of dollar12,000.000 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 dollar90,000. 3. The cost of issuing the bonds. dollar80.000, was paid. 4. An order was placed for materials estimated to cost dollar6,500.000. 5. Salaries and wages of dollar500.000 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 dollar6,585,000. 8. Salaries and wages of dollar4,010,000 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.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