Government Accounting - Capital Project Funds The City of Norfolk, Nebraska authorized the building of a...

Government Accounting - Capital Project Funds

The City of Norfolk, Nebraska authorized the building of a new airport wing for the year 2017. Bonds were issued to pay for the new wing. The face amount of the bonds was $10,000,000 and the bonds sold at 98. In addition, the federal government provided $2,000,000 and the City’s General Fund provided $1,000,000 toward the wing.

One contract to begin construction on the airport wing was signed on January 2, 2017 for $8,000,000. By year end, $7,000,000 had been completed by the contractors and an invoice was received by the City of Norfolk for that amount.

REQUIRED:

Prepare all Journal Entries.
Prepare Closing Entries
Prepare a Balance Sheet, Statement of Revenue and Expenditures and Change in Fund Balance for the year ended December 31, 2017 for the City of Norfolk’s Capital Projects Fund.

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Expert Solution

ekkarill92 answered 1 year ago

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