Questions:
The following transactions took place in the town of Burchette during 20X3:
1. A bond issue of 12,000,000 was authorized for the construction of a library, and the estimated bond issue proceeds and related appropriations were recorded in the General Ledger of a new Capital Projects Fund.
2. The bonds were sold at a premium of 90,000
3. The cost of issuing the bonds, 80,000, was paid
4. An order was placed for materials estimated to cost $6,500,000
5. Salaries and Wages of 50,000 were paid.
6. The premium, net of bond issuance costs, was transferred to a Debt Service Fund.
The following transactions took place during 20X4:
1. The materials were received; the actual cost was $6,585,000
8. Salaries and wages of 4,010,000 were paid
9. All outstanding bills were paid.
10. The project was completed. The accounts were closed, and the remaining balance was transferred to a Debt Service Fund.
QUESTION:
b) Prepare a CPF balance sheet as of December 31,20x3