The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the city$$s office building to be used by individuals with disabilities. The estimated cost of the ramp is $$200,000.$ On January $1,20$X$2,$ a $10$ percent, $$150,000$ bond issue was sold at $104\mathrm{.}0$ with the premium transferred to the debt service fund. At that date, the county board provided a $$50,000$ grant. After a period of negotiation, the city council awarded a construction contract for $$182,000$ on April $5,20$X$2.$ The ramp was completed on August $8,20$X$2$; its actual cost was $$189,000.$ The city council approved payment of the total actual cost of $$189,000.$ In addition to the $$189,000,$ the ramp was carpeted with all$-$weather material at a cost of $$5,500.$ On November $3,20$X$2,$ 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:

Prepare entries for the capital projects fund for $20$X$2.$

$1$Record the receipt of the grant from the county.

$2$Record the sale of $$150,000$ bonds at $104$ on $20$X$2.$

$3$Record the transfer premium to the debt service fund.

$4$Record the entry for the construction contract awarded.

$5$Record the entry to assign funds to the contract.

$6$Record the entry to establish the contract payable for the walkway.

$7$Record the entry to establish vouchers payable for the added carpeting.

$8$Record the payment of the contract payable and vouchers payable.

$9$Record the entry to close the revenue and other financing sources accounts.

$10$Record the entry to close the expenditures and other financing uses accounts.

$11$Record the transfer of the remainder to the Debt Service Fund.

$12$Record the closing entry to transfer out against the unassigned fund balance.

Prepare a statement of revenues, expenditures, and changes in fund balance for the capital projects fund for $20$X$2.$

Note: Negative amounts and amounts to be deducted should be indicated by minus sign.

Prepare a statement of revenues, expenditures, and changes in fund balance for the capital projects fund for $20$X$2.$

CITY OF WATERMAN

Capital Projects Fund

Statement of Revenues, Expenditures, and Changes in Fund Balance

For Fiscal Year Ended December $31,20$X$2$

Revenue:

Expenditures:

$$0$

Other Financing Sources $($Uses$)$:

Total Other Financing Sources $($Uses$)$ $$0$

$0$

Fund Balance, January $1,20$X$2$

Fund Balance, December $31,20$X$2$ $