Part B only

The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the city's office building to be used by individuals with disabilities. The estimated cost of the ramp is $216,000. On January 1, 20X2, a 9 percent, $148,000 bond issue was sold at 104 with the premium transferred to the debt service fund. At that date, the county board provided a $68,000 grant. After a period of negotiation, the city council awarded a construction contract for $188,000 on April 5, 20x2. The ramp was completed on August 8, 20X2; its actual cost was $196,000. The city council approved payment of the total actual cost of $196,000. In addition to the $196,000, the ramp was carpeted with all-weather material at a cost of $10,000. On November 20X2, the city council gave the final approval to pay for the ramp and the carpeting. After all bills were paid, the remaining fund balance was transferred to the debt service fund. No Date General Journal Debit Credit 1 Jan 01 68,000 Cash Revenue - county grant 68,000 N 2 Jan 01 153,920 Cash Other financing sources - bond issue Other financing sources - bond premium 148,000 5,920 3 Nov 03 5,920 Other financing uses transfer out to debt service fund Cash 5,920 4 Apr 05 188,000 Encumbrances Budgetary fund balance - assigned for encumbrances 188,000 5 Aug 08 188,000 Budgetary fund balance - assigned for encumbrances Encumbrances 188,000 6 Aug 08 196,000 Expenditures - Capital outlay Contract payable 196,000 7 Aug 08 10,000 Expenditures - Capital outlay Vouchers payable 10,000 8 Nov 03 Contract payable Vouchers payable Cash 196,000 10,000 206,000 8 Nov 03 Contract payable Vouchers payable Cash 196,000 10,000 206,000 9 Nov 03 Revenue - county grant Other financing sources - bond issue Other financing sources - bond premium Fund balance - unassigned 68,000 148,000 5,920 221,920 10 Nov 03 211,920 Fund balance - unassigned Expenditures - Capital outlay Other financing uses - transfer out to debt service fund 206,000 5,920 11 Nov 03 10,000 Other financing uses - transfer out to debt service fund Cash 10,000 12 Nov 03 10,000 Fund balance - unassigned Other financing uses - transfer out to debt service fund 10,000 b. Prepare a statement of revenues, expenditures, and changes in fund balance for the capital projects fund for 20X2. (Negative amounts and amounts to be deducted should be indicated by minus sign.) CITY OF WATERMAN Capital Projects Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For Fiscal Year Ended December 31, 20X2 Revenue: Expenditures: $ 0 Other Financing Sources (Uses): Total Other Financing Sources (Uses) $ 0 0 Fund Balance, January 1, 20X2 Fund Balance, December 31, 20X2