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: Credits Debits 400,000 $ $ 250,000 Trial BalanceDecember 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 75,000 120,000 2,160,000 385,000 25,000 2,000,000 120,000 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. Required A Required B Required C Prepare any closing entries necessary at year-end. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the closing entry to transfer revenue and expenditure to fund balance. Note: Enter debits before credits. Event General Journal Debit Credit a1. Record entry Clear entry View general journal Required A Required B Required C Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund. (Deductions should be entered with a minus sign.) SPENCER COUNTY Courthouse Annex Capital Projects Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues Total Revenues Expenditures Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 Required A Required B Required C Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex. SPENCER COUNTY Courthouse Annex Capital Projects Fund Balance Sheet As of December 31, 2020 Assets Total Assets Liabilities and Fund Balances Liabilities Total Liabilities Fund Balances Restricted for: Total Fund Balances Total Liabilities and Fund Balances