1. The pre-closing trial balance for the Bahla Village Public Works Capital Project Fund is provided below. Based on the following balances, prepare the June 30, 2019, statement of revenues, expenditures, and changes in fund balance for the capital projects fund.

Ledger Account Balances	Debits	Credits
Cash	500,000
Grant Receivable	700,000
Investments	1,000,000
Contract Payable		444,000
Contract PayableRetained Percentage		78,000
Reserve for Encumbrances		2,200,000
Revenues		3,678,000
Encumbrances	1,200,200
Construction Expenditures	5,480,000
Other Financing SourcesProceeds of Bonds		2,480,200
Total	8,880,200	8,880,200