What is the Assigned Fund Balance and the Restricted Fund Balance for the second closing entry...also whats the restricted for contruction and assigned in tbe balance sheet? (the red areas) I have included my work so far.

Simulation Question e following transactions occurred during the fiscal year July 1, 2018 to June 30, 2019: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $14,500,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The buildings will be financed by a federal expenditure-driven grant of $5,000,000 and a general obligation bond issue of $10,000,000. During the current year, investment revenue of $500,000 is budgeted. (Assume the budget is recorded in the accounts and encumbrance account is used.) 2. The bonds were issued for $9,500,000 (the face amount of the bonds was $10,000,000). The difference between the actual cost of the project and the bond and grant proceeds was expected to be generated by investing the excess cash during the construction period. 3. The city collected the grant from the government. 4. The city invested $10,000,000. 5. The contract signed with Paltrow stipulated that the contract price included architect fees. The architects were paid their fee of $5,000 by Spainville. (Assume a Vouchers payable account is used) 6. Patrow submitted a progress billing for $5,000,000. The billing, less 5 percent retainage, was approved. Assumed that the city will use resources from the federal grant to make this payment. 7. Investments that cost $500,000 were redeemed for a total of $510,000. Note: The $10,000 increase represents interest income. 8. Interest income totaling $300,000 was received in cash. 9. The contractor was paid the amount billed in the transaction (6) less a 5 percent retainage. MacBook Air was approved. Assumed that the city will use resources from the federal grant to make this payment. 7. Investments that cost $500,000 were redeemed for a total of $510,000. Note: The $10,000 increase represents interest income. 8. Interest income totaling $300,000 was received in cash. 9. The contractor was paid the amount billed in the transaction (6) less a 5 percent retainage. 10. The contractor submitted another progress billing for $2,000,000. The billing, less retainage, was approved. 11. Investment totaling $2,000,000 were redeemed, on top, with an additional interest income of $150,000. 12. The contractor was paid the amount billed in transaction (10), less a 5 percentage retainage. 13. Interest income of $30,000 was accrued. Debit Credit Description 1 Estimated Revenue-Federal Grant Estimated Revenue-Investment Earning Estimated Other Financing Sources Appropriations Budgetary Fund Balance (To Record Budget) 5,000,000.00 500,000.00 10,000,000.00 14,500,000.00 1,000,000.00 14,500,000.00 Encumbreances-Capital Project Budgetary Fund Balance Reserved for Encumbrances (To Record Emcumbrance For Construction Contract) 14,500,000.00 2 Cash Other Finacing Use-Bond Issue Discount Other Fianacing Use-Long Term Debt Issued 9,500,000.00 500,000.00 10,000,000.00 3 Cash Advance Received $ 5,000,000.00 5,000,000.00 10,000,000.00 4 Investemnets Cash S 10,000,000.00 5,000.00 5 Budgetary Fund Balance Reserved for Encumbrances Encumbrances-Capital Project (To Reverse Encumbrance For Construction Contract) 5,000.00 5,000.00 Expeditures-Architect Fees Voucher Payable (To Record Architect Fess Incurred) 5,000.00 5,000.00 Voucher Payable Cash (To Record the Payment of Architect Fees Incurred) 5,000.00 $ 5,000,000.00 6 Budgetary Fund Balance Reserved for Encumbrances Encumbrances-Capital Project (To Reverse Encumbrance For Construction Contract) S 5,000,000.00 5,000,000.00 6 Budgetary Fund Balance Reserved for Encumbrances Encumbrances-Capital Project (To Reverse Encumbrance For Construction Contract) 5,000,000.00 5,000,000.00 Expeditures-Construction Costs Construction Contracts Payable Retainage Paybale (To Record Expeditures and Related Liability) 4,750,000.00 250,000.00 5,000,000.00 Advance Received on Grant Revenue-Federal Grant (To Record Revenue From Grant) 5,000,000.00 510,000.00 7 Cash Investments Revenues-interest 500,000.00 10,000.00 8 Cash Revenues-interest 300,000.00 300,000.00 9 Construction Contract Payable Cash $4,750,000.00 4,750,000.00 2,000,000.00 10 Budgetary Fund Balance Reserved for Encumbrances Encumbrances-Capital Project (To Reverse Encumbrance For Construction Contract) 2,000,000.00 2,000,000.00 Expediture-Construction Cost Construction Contracts Paybale Retainage Payable (To Record Expeditures and Related Liability) 1,900,000.00 100,000.00 2,150,000.00 11 Cash Ivestments Revenues Interest 2,000,000.00 150,000.00 me Layout Tables Charts SmartArt Formulas Review Data Alignment abc A Fill - Calibri (Body) - 12 - Clear BI U : * fx 7495000 A- ALE Wrap Text Merge - Accounting % 9 (To Record Expeditures and Related Liability 2,150,000.00 11 Cash Ivestments Revenues-Interest 2,000,000.00 150,000.00 12 Construction Contracts Payable Cash 1,900,000.00 1,900,000.00 13 Interest Receivable Revenue Interest 30,000.00 30,000.00 14,500,000.00 1,000,000.00 Appropriations Budgetary Fund Balnace Estimated Revenues-Federal Grant Estimated Revenues-Investment Earnings Estimated Other Financing Sources (To Close Budgetary Accounts) 5,000,000.00 500,000.00 10,000,000.00 Revenues-Interest Revenues-Federal Grant Other Finacing Sources-Long Term Debt issued Other Finacing Use-Bond Issue Discount Expenditures Architect Fees Expenditures Construction Costs Assigned Fund Balance To Close Operating Accounts) 490,000.00 5,000,000.00 10,000,000.00 500,000.00 5.000.00 7,000,000.00 7,985,000.00 Assigned Fund Balance Restricted Fund Balance (To Reclassify Fund Balance Budgetary Fund Balance Reserved For Encumbrance Encumbrances-Capital Project (To Close Encumbrance Accounts S 7,495,000.00 5 7 495,000.00 Journal Entries & Closing Entri Statement Normal View Balance Sheet + Sum- 5 C18 AN . City of Spainville Capital Projects Fund City Hall Fund Balance Sheet June 30, 2019 Assets: Cash Investments Investment Earnings Receivable Total Assets 805,000.00 7,500,000.00 30,000.00 8,335,000.00 Liabilities and Fund Balance: Liabilities: Ratainage Paybale Total Liabilities Fund Balance: Restricted for Construction Assigned Total Fund Balance Total Liabilities and Fund Balnace 350,000.00 350,000.00 7,985,000.00 8,335,000.00