Pinehurst County established a capital projects fund at the beginning of 2021 to construct a courthouse The estimated cost of the courthouse was $3,530,000 Construction will be financed in the following manner Grant from the State $ 500,000 Issuance of general obligation (G O ) serial bonds 3,000,000 Estimated revenue from interest on treasury bills 30,000 The following events occurred during the year ended December 31, 2021 County trustees approved the capital budget for the courthouse on January 5, 2021 The referendum to issue $3,000,000 of general obligation bonds received voter approval in November, 2020 The bonds were issued for $3,060,000 on January 31 The County trustees authorized the transfer of the premium to a debt service fund The transfer was made in February In early February, the architectural firm of Hudson and Judson was selected to draw the plans for the courthouse for a fee of $25,000 Plans were submitted in March, and the architectural firm was paid $25,000 in April $2,500,000 of the bond proceeds was invested in short term treasury bills in April, 2021 Pinehurst County signed a contract with Gleeson Construction for $3,420,000 in June, 2021 It was estimated that it will take 12 months to complete construction of the courthouse In November, 2021, Pinehurst County received a bill from Gleeson Construction for $1,200,000 The County estimated that the courthouse was 35 complete Pinehurst received the $500,000 grant from the State in December, 2021 $1,300,000 of treasury bills matured in December, 2021 interest income on the matured securities amounted to $15,000 On December 30, 2021 Gleeson was paid the amount billed less a retainage of 10 Accrued interest income on the $1,200,000 of treasury bills held on December 31, 2021, amounted to $14,000 The interest will be received when the treasury bills mature in February, 2022 This interest is available to pay for expenditures incurred in 2021 Required Prepare, in good form, the statement of revenues, expenditures, and changes in fund balance for the courthouse capital projects fund for the year ended December 31, 2021 Answer the following questions that pertain to the balance sheet of the courthouse capital projects fund at December 31, 2021 What is the amount reported for cash What is the total amount reported for assets What is the total amount reported for liabilities What is the level of constraint reported for fund balance In the notes to the financial statements, how will the construction expenditures be reported in the capital asset note (hint listen to my VT dealing with CAFR disclosures for capital assets)

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Pinehurst County established a capital projects fund at the beginning of 2021 to construct a courthouse. The estimated cost of the courthouse was $3,530,000. Construction

Pinehurst County established a capital projects fund at the beginning of 2021 to construct a courthouse. The estimated cost of the courthouse was $3,530,000. Construction will be financed in the following manner:

Grant from the State $ 500,000
Issuance of general obligation (G.O.) serial bonds 3,000,000
Estimated revenue from interest on treasury bills 30,000

The following events occurred during the year ended December 31, 2021:

County trustees approved the capital budget for the courthouse on January 5, 2021.
The referendum to issue $3,000,000 of general obligation bonds received voter approval in November, 2020. The bonds were issued for $3,060,000 on January 31. The County trustees authorized the transfer of the premium to a debt service fund. The transfer was made in February.
In early February, the architectural firm of Hudson and Judson was selected to draw the plans for the courthouse for a fee of $25,000. Plans were submitted in March, and the architectural firm was paid $25,000 in April.
$2,500,000 of the bond proceeds was invested in short-term treasury bills in April, 2021.

Pinehurst County signed a contract with Gleeson Construction for $3,420,000 in June, 2021.

It was estimated that it will take 12 months to complete construction of the courthouse.

In November, 2021, Pinehurst County received a bill from Gleeson Construction for

$1,200,000. The County estimated that the courthouse was 35% complete.

Pinehurst received the $500,000 grant from the State in December, 2021.
$1,300,000 of treasury bills matured in December, 2021; interest income on the matured securities amounted to $15,000.
On December 30, 2021. Gleeson was paid the amount billed less a retainage of 10%.
Accrued interest income on the $1,200,000 of treasury bills held on December 31, 2021, amounted to $14,000. The interest will be received when the treasury bills mature in February, 2022. This interest is available to pay for expenditures incurred in 2021.

Required:

Prepare, in good form, the statement of revenues, expenditures, and changes in fund balance for the courthouse capital projects fund for the year ended December 31, 2021.
Answer the following questions that pertain to the balance sheet of the courthouse capital projects fund at December 31, 2021:

What is the amount reported for cash?
What is the total amount reported for assets?
What is the total amount reported for liabilities?
What is the level of constraint reported for fund balance?

In the notes to the financial statements, how will the construction expenditures be reported in the capital asset note (hint: listen to my VT dealing with CAFR disclosures for capital assets)?