Prepare a balance sheet for the capital projects fund at June $30,203.$During the fiscal year ended June $30,20$X$3,$ West City Council authorized construction of a new city hall building and the sale of serial bonds to finance the construction. The following transactions related to financing and constructing the city hall occurred during fiscal $20$X$3$:

On August $1,20$X$2,$ West issued $$5,030,000$ of serial bonds for $$5,120,000.$ Interest is payable annually, and the first retirement of $$503,000$ is due on July $31,20$X$7.$ The premium is transferred to the debt service fund.

The old city hall, which had a recorded cost of $$656,000,$ was torn down. The cost of razing the old building was $$50,000,$ net of salvage value. This cost was included in the capital budget but was not encumbered. The cost is vouchered and paid.

West signed a contract with Roth Construction Company to build the city hall for $$4,680,000.$ The contract cost is to be encumbered. Construction is to be completed during fiscal $20$X$4.$

Roth Construction Company bills West $$2,190,000$ for construction completed during fiscal $20$X$3.$ Ten percent of the billings will be retained until final acceptance of the new city hall. The billing less the retainage had been paid during the fiscal year.

Prepare a balance sheet for the capital projects fund at June $30,20$X$3.$