The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the citys office building to be used by individuals with disabilities. The estimated cost of the ramp is $212,000. On January 1, 20X2, a 9 percent, $146,000 bond issue was sold at 105 with the premium transferred to the debt service fund. At that date, the county board provided a $66,000 grant. After a period of negotiation, the city council awarded a construction contract for $175,000 on April 5, 20X2. The ramp was completed on August 8, 20X2; its actual cost was $182,000. The city council approved payment of the total actual cost of $182,000. In addition to the $182,000, the ramp was carpeted with all-weather material at a cost of $15,000. On November 3, 20X2, the city council gave the final approval to pay for the ramp and the carpeting. After all bills were paid, the remaining fund balance was transferred to the debt service fund.

Required:

1. Prepare entries for the capital projects fund for 20X2.
2. Prepare a statement of revenues, expenditures, and changes in fund balance for the capital projects fund for 20X2.

Note: Enter debits before credits. Note: Enter debits before credits. Record the transfer premium to the debt service fund. Note: Enter debits before credits. Record the entry for the construction contract awarded. Note: Enter debits before credits. Record the entry to assign funds to the contract. Note: Enter debits before credits. Record the entry to establish the contract payable for the walkway. Note: Enter debits before credits. Record the entry to establish vouchers payable for the added carpeting. Note: Enter debits before credits. Record the payment of the contract payable and vouchers payable. Note: Enter debits before credits. Record the entry to close the revenue and other financing sources accounts. Note: Enter debits before credits. Record the entry to close the expenditures and other financing uses accounts. Note: Enter debits before credits. Record the transfer of the remainder to the Debt Service Fund. Note: Enter debits before credits. Record the closing entry to transfer out against the unassigned fund balance. Note: Enter debits before credits. Prepare a statement of revenues, expenditures, and changes in fund balance for the capital projects fund for 202