Please bold answers in explanation

The citizens of Spencer County approved the issuance of $2,030,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Credits Debits $ 919,000 $ 562,000 Trial Balance-December 31, 2020 Cash Contract payable Due from state government Encumbrances Expenditures-capital Intergovernmental grant OFS: premium on bonds OFS: proceeds sale of bonds Budgetary fund balance-Reserve for encumbrances OFU: Transfer out 214,000 119,000 1,865,000 406,000 68,000 2,030,000 119,000 68,000 $3,185,000 $3,185,000 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund. c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex. The citizens of Spencer County approved the issuance of $2,030,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Credits Debits $ 919,000 $ 562,000 Trial Balance-December 31, 2020 Cash Contract payable Due from state government Encumbrances Expenditures-capital Intergovernmental grant OFS: premium on bonds OFS: proceeds sale of bonds Budgetary fund balance-Reserve for encumbrances OFU: Transfer out 214,000 119,000 1,865,000 406,000 68,000 2,030,000 119,000 68,000 $3,185,000 $3,185,000 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund. c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex