The City of Edmond established a capital projects fund for the construction of a reading room for the City Library. The estimated cost of the construction is $300,000. On January 1,208, an 8 percent, $200,000 bond issue was sold at 102 . At that date, the county board provided a $100,000 grant. On March 3,208, the premium from issuance of the bonds was transferled to the debt service fund established to repay the bond principal and interest. On March 1,208, a general contractor's bid was accepted to construct the facility at a cost of $270,000. The construction was completed on October 5 . 208, and its actual cost was $285,000. The city council approved payment of the total actual cost of $285,000. In addition to the \$285,000, \$9,000 was spent to make the facility ready for use. On November 3, 20x8, the city council gave the final approval for both these payments. After all bills were paid, the remaining fund balance was transferred to the debt service fund. Required a. Prepare entries for the capital projects fund, including closing entries, for 208. b. Prepare a statement of revenues, expenditures, and changes in fund balance for 208 for the capital projects fund