Question
The citizens of Spencer County approved the issuance of $2,018,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A
The citizens of Spencer County approved the issuance of $2,018,000 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 $ 913,000 Contract payable $ 556,000 Due from state government 202,000 Encumbrances 113,000 Expenditurescapital 1,859,000 Intergovernmental grant 400,000 OFS: premium on bonds 62,000 OFS: proceeds sale of bonds 2,018,000 Budgetary fund balanceReserve for encumbrances 113,000 OFU: Transfer out 62,000 $ 3,149,000 $ 3,149,000 What is the fund balance?
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