Prepare a statement of revenues, expenditures, and changes in fund balance for the Ahmed Village Park Improvement Capital Projects Fund for 20X7, given the following information:

Fund balance, January 1, 20X7..................................................................$2,000,000

Intergovernmental grant revenue.............................................................850,000

interest revenue...........................................................................................30,000

increase in fair value of investments.........................................................3,000

construction costs incurred under contract with Builtwell Co.................2,400,000

architect fees.................................................................................................32,000

engineering fees.............................................................................................17,000

bond proceeds (face amount was $1,000,000).........................................1,008,000

bond issuance costs.....................................................................................5,000

purchase of land.............................................................................................92,000

repayment of bond anticipation notes treated as long term debt:

principal.........................................................................................................600,000

interest............................................................................................................3,500

transfer from general fund..............................................................................250,000

construction contracts outstanding at year end...........................................450,000