Wicklife County authorized the issuance of bonds and contracted with the USA Construction Company to build a new sports complex. During 2014, 2015, and 2016 the county engaged in the transactions that follow. All were recorded in a capital projects fund.

1) In 2014 the county issued $310 million in bonds (and recorded them as "bond proceeds", an account comparable to a revenue account).

2) It approved the sports complex contract for $310 and encumbered the entire amount.

3) It received from UCC an invoice for construction to date for $114 million, an amount that the country recognized as an expenditure.

4) It paid UCC the amount owed.

5) In 2015 it received from UCC an invoice for an additional $190 million.

6) It paid the amount in full.

7) In 2016 UCC completed the sports facility and billed the county an additional $7 million. The county approved the additional costs, even though the total cost was now $311 million, $1 million more than initially estimated.

8) The county transferred $1 million from the general fund to the capital projects fund.

9) The county paid the $7 million.

a) Prepare the journal entries, including closing entries, to record the transactions in the capital projects fund. Assume the expenditures do not have to be appropriated each year. Hence, the county need not reestablish the encumbrances at each year subsequent to the first. Instead, it cal close the expenditures of the second and third years to reserve for encumbrances rather than fund balance.

b) What other funds, other than the capital projects fund, statements, or schedules would be affected by the transactions?