The citizens of Spencer County approved the issuance of $2,020,000 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	$	914,000
Contract payable					$	557,000
Due from state government		204,000
Encumbrances		114,000
Expenditurescapital		1,860,000
Intergovernmental grant						401,000
OFS: premium on bonds						63,000
OFS: proceeds sale of bonds						2,020,000
Budgetary fund balanceReserve for encumbrances						114,000
OFU: Transfer out		63,000
	$	3,155,000			$	3,155,000

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.) No Credit Event a1 1 Debit 63,000 2,020,000 401,000 General Journal Other Financing Sources-Bond Premium Other Financing SourcesProceeds of Bonds Intergovernmental Revenues Other Financing UsesTransfers Out Fund Balance Expenditures: Capital Outlay Budgetary Fund BalanceReserve for Encumbrances Encumbrances 50,000 > 1,810,000 1,860,000 x 114,000 114,000 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 Intergovernmental Revenues $ 401,000 401,000 Total Revenues Expenditures Capital Outlay 1,860,000 1,860,000 (1,459,000) Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) BondProceeds Bond Premium Transfers Out 2,020,000 2,020,000 1,810,000 Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 0 $ 1,810,000 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 Cash $ 914,000 Due from other Governments 204,000 $ 1,118,000 Total Assets Liabilities and Fund Balances Liabilities Contracts Payable 557,000 557,000 Total Liabilities Fund Balances Restricted for Courthouse Annex 552,000 Total Fund Balances Total Liabilities and Fund Balances 552,000 $ 1,109,000