Part A$.$ Pirate County uses the encumbrance accounting system and the calendar year. All appropriations lapse at year$-$end. Using good form, prepare the necessary journal entries to record the following transactions in the Capital Projects Fund.

Record these transactions in $2023$

a$)$ In $2023,$ the county issues purchase orders totaling $$720,000$ for materials needed to repair and maintain a bridge.

b$)$ In $2023,$ the county receives $($and pays for$)$ $$560,000$ of the needed materials. The remaining materials are expected to be received next year.

c$)$ The county transferred $$450,000$ from the general fund to the capital projects fund.

d$)$ Actual bridge toll revenues for $2023,$ all received in cash, are $$410,000.$ The bridge toll revenue is designated to fund capital projects.

e$)$ Prepare closing journal entries for $2023.$

Record these transactions in $2024$

f$)$ At the start of $2024,$ restore encumbrances of the previous year.

g$)$ In $2024,$ the county receives and pays for the remaining materials that were ordered in $2023.$ Actual cost is $$157,000.$

h$)$ Actual bridge toll revenues for $2024,$ all received in cash, are $$480,000.$ The bridge toll revenue is designated to fund capital projects.

i$)$ In $2024,$ the county receives $$520,000$ when it issues long$-$term bonds.

j$)$ Prepare closing journal entries for $2024.$

Part B$.$ Using the journal entries prepared in the previous problem $($Q #$17),$ using good form, prepare the annual Statement of Revenues, Expenditures and Changes in Fund Balance for the Capital Projects Fund for the year ending December $31$ for both $2023$ and $2024.$ In addition, using good form, prepare the Balance Sheet at December $31,2023$ and $2024.$ At December $31,2022,$ Pirate County's Capital Projects Fund had the following account balances in its General Ledger:

$$ Cash $--$ $ $760,000$

$$ Unreserved Fund Balance $--$ $ $760,000$

Note: you are being asked to prepare the fund financial statements for the Capital Projects Fund only. In order to keep things simple, put $2023$ and $2024$ in adjacent columns $($side$-$by$-$side$).$