The citizens of Spencer County approved the issuance of $2,000,000 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:

Trial BalanceDecember 31, 2020	Debits				Credits
Cash	$	400,000
Contract payable					$	250,000
Due from state government		75,000
Encumbrances		120,000
Expenditurescapital		2,160,000
Intergovernmental grant						385,000
OFS: premium on bonds						25,000
OFS: proceeds sale of bonds						2,000,000
Budgetary fund balanceReserve for encumbrances						120,000
OFU: Transfer out		25,000
	$	2,780,000			$	2,780,000

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.