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.

Expert Solution

ekkarill92 answered 1 year ago

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