Please answer question 4b and c., as per below.

All related information is on attached file.

4b. Prepare a Surprise County Construction Fund balance sheet for the year ended December 31, 2017.

Surprise County
Construction Fund
Balance Sheet
December 31, 2017
Assets
Cash
Total Assets
Liabilities and Fund Balances
Liabilities:
Vouchers Payable
Contracts Payable
Contracts Payable Retained Percentage
Total Liabilites	0
Fund Balances:
Fund Balance - Restricted
Total Liabilities and Fund Balances	$ 0

4c. Prepare a Construction Fund statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2017. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollar amounts and not in millions.)

Surprise County Construction Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances ending Dec. 31, 2017
Revenues
Expenditures:
Construction Expenditures Police
Construction Expenditures Fire
Interest Expenditures
Total Expenditures	0
Excess of Expenditures Over Revenues	0
Other Financing Sources (Uses):
Proceeds of Bond Anticipation Notes
Proceeds of Bonds
Repayment of Bond Anticipation Notes
Total Other Financing Sources (Uses)	0
Excess of Revenues and Other Financing Sources and Uses Over Expenditures	0

During FY 2017, the voters of Surprise County approved construction of a $21 million police facility and an $11 million fire station to accommodate the county's population growth. The construction will be financed by tax-supported bonds in the amount of $30 million, a $1 million economic stimulus grant, and a portion of future use tax revenues. During 2017, the following events and transactions occurred. Required a. Prepare journal entries to record the the following transactions in a single Surprise County Construction Fund and governmental activities general journal at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollar amounts and not in millions.) 1. Issued $100,000 of 6 percent bond anticipation notes to cover preliminary planning and engineering expenses. Fund Construction Fund General Journal Debit Credit Fund Governmental Activities General Journal Debit Credit 2. Incurred architecture and engineering costs in the amount of $60,000. They were split evenly between the two projects. Fund Construction Fund General Journal Debit Credit Fund Governmental Activities General Journal Debit Credit 3. Entered into a construction contract for $32 million - $21 million was for the police facility and $11 million was related to the fire station. Fund Construction Fund General Journal Debit Credit Fund Governmental Activities General Journal Debit Credit 4. Issued the $30 million, 20-year 5% bonds at 101. (The premium should be recorded in a debt service fund. You do not need to record this entry.) Fund Construction Fund General Journal Debit Credit Fund Governmental Activities General Journal Debit Credit 5. Paid off the bond anticipation notes that had been outstanding 180 days. (Interest is an expenditure of the capital projects fund.) Assume 360 days in a year. Fund Construction Fund General Journal Debit Credit Fund Governmental Activities General Journal Debit Credit 6. An invoice for $16 million was received from the contractor for a portion of police facility construction ($10 million) and fire station construction ($6 million). a. Record the appropriation of funds towards completed portion of the police facility and the fire station. Fund Construction Fund General Journal Debit Credit b. Record the construction work-in-progress of the police facility and the fire station in the capital project fund. Fund Construction Fund General Journal Debit Credit c. Record the construction Work-in-progress of the police facility and the fire station. Fund Governmental Activities General Journal Debit Credit 7. Half of the grant funds were received in cash. The remainder is anticipated in 2018; however, the grantor notified the county that there is no guarantee that the federal government will appropriate the 2018 portion. Fund Construction Fund General Journal Debit Credit Fund Governmental Activities General Journal Debit Credit 8. The initial construction invoice, less 5% retainage, was paid. Fund Construction Fund General Journal Debit Credit Fund Governmental Activities General Journal Debit Credit 9. The fire station was completed, and a final invoice for the remaining $5 million was received. All fire station construction charges incurred can be capitalized as buildings. a. Record the appropriation of funds towards completion of the fire station. Fund Construction Fund General Journal Debit Credit b. Record the completion of the fire station construction contract. Fund Construction Fund General Journal Debit Credit c. Record the appropriation of funds towards completion of the fire station. Fund Governmental Activities General Journal Debit Credit d. Record the completion of the fire station construction contract. Fund Governmental Activities General Journal Debit 10. Following inspection, the fire station invoices were paid in full. Credit Fund Construction Fund General Journal Debit Credit Fund Governmental Activities General Journal Debit Credit 11. At year-end, the contractor billed the county an additional $7.5 million for the police facility; however, the police facility was incomplete. a. Record the appropriation of funds towards the police facility. Fund Construction Fund General Journal Debit Credit b. Record the police facility construction work-in-progress. Fund Construction Fund General Journal Debit Credit c. Record the police facility construction work-in-progress. Fund Governmental Activities General Journal Debit Credit 12. Temporary accounts were closed at year-end. Assume that the fund balances are all restricted. Fund General Journal Debit Credit Construction Fund Fund Governmental Activities General Journal Debit Credit 4b. Prepare a Surprise County Construction Fund balance sheet for the year ended December 31, 2017. Surprise County Construction Fund Balance Sheet December 31, 2017 Assets Cash Total Assets Liabilities and Fund Balances Liabilities: Vouchers Payable Contracts Payable Contracts Payable - Retained Percentage Total Liabilites Fund Balances: Fund Balance - Restricted Total Liabilities and Fund Balances 0 $0 4c. Prepare a Construction Fund statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2017. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollar amounts and not in millions.) Surprise County Construction Fund Statement of Revenues, Expenditures, and Changes in Fund Balances - ending Dec. 31, 2017 Revenues Expenditures: Construction Expenditures - Police Construction Expenditures - Fire Interest Expenditures Total Expenditures Excess of Expenditures Over Revenues Other Financing Sources (Uses): Proceeds of Bond Anticipation Notes Proceeds of Bonds Repayment of Bond Anticipation Notes Total Other Financing Sources (Uses) Excess of Revenues and Other Financing Sources and Uses Over Expenditures Fund Balances, January 1, 2017 Fund Balances, December 31, 2017 0 0 0 0 $0