The citizens of Spencer County approved the issuance of $2,030,000 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	$	919,000
Contract payable					$	562,000
Due from state government		214,000
Encumbrances		119,000
Expenditurescapital		1,865,000
Intergovernmental grant						406,000
OFS: premium on bonds						68,000
OFS: proceeds sale of bonds						2,030,000
Budgetary fund balanceReserve for encumbrances						119,000
OFU: Transfer out		68,000
	$	3,185,000			$	3,185,000

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.

Record the closing entry to transfer revenue and expenditure to fund balance.

2

Record the entry for transfer of encumbrances.

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	0
Expenditures
Total Expenditures	0
Excess (Deficiency) of Revenues Over Expenditures	0
Other Financing Sources (Uses)
Total Other Financing Sources (Uses)	0
Net Change in Fund Balance
Fund Balance, January 1
Fund Balance, December 31	$0

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	$0
Liabilities and Fund Balances
Liabilities
Total Liabilities	0
Fund Balances
Restricted for:
Total Fund Balances	0
Total Liabilities and Fund Balances	$0