Problem 17-6. All requirements (1-3) with the appropriate calculations or details please.

Chapter 17 FINANCIAL REPORTING ISSUES Problem 17-6 (LO3) Fund-based statements. The preclosing, year-end trial balance for a capital projects fund of the city of Rochester as of December 31, 2019, follows: Credit Debit 110,000 250,000 110,000 41,600 800,000 Cash ........ Investments ....... Contracts Payable Retained Percentage........................ Revenues ..... Other Financing Sources........... Expenditures Other Financing Uses ........... Encumbrances.... Fund Balance - Assigned for Encumbrances........... Estimated Revenues........ Estimated Other Financing Sources............ Appropriations ........ Estimated Other Financing Uses .............. Budgetary Fund Balance --Unassigned......... Totals . . . . . . . . . . . . . . . . . . . . 586,600 5,000 80,000 80,000 10,000 900,000 600,000 15,000 295,000 1,941,600 1,941,600 1. Prepare closing entries as of December 31, 2019. 2. Prepare the year-end statement of revenues, expenditures, and changes in fund balances for this project that began on January 2, 2019. 3. Prepare the fund balance sheet as of December 31, 2019. Chapter 17 FINANCIAL REPORTING ISSUES Problem 17-6 (LO3) Fund-based statements. The preclosing, year-end trial balance for a capital projects fund of the city of Rochester as of December 31, 2019, follows: Credit Debit 110,000 250,000 110,000 41,600 800,000 Cash ........ Investments ....... Contracts Payable Retained Percentage........................ Revenues ..... Other Financing Sources........... Expenditures Other Financing Uses ........... Encumbrances.... Fund Balance - Assigned for Encumbrances........... Estimated Revenues........ Estimated Other Financing Sources............ Appropriations ........ Estimated Other Financing Uses .............. Budgetary Fund Balance --Unassigned......... Totals . . . . . . . . . . . . . . . . . . . . 586,600 5,000 80,000 80,000 10,000 900,000 600,000 15,000 295,000 1,941,600 1,941,600 1. Prepare closing entries as of December 31, 2019. 2. Prepare the year-end statement of revenues, expenditures, and changes in fund balances for this project that began on January 2, 2019. 3. Prepare the fund balance sheet as of December 31, 2019