Prepare a statement of revenues, expenditures, and changes in fund balance for the Ahmed Village Park Improvement Capital Projects Fund for 20X7, given the following information:

Fund balance, January 1, 20X7 . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000,000

Intergovernmental grant revenue . . . . . . . . . . . . . . . . . . . . . . . .850,000

Interest revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000

Increase in fair value of investments . . . . . . . . . . . . . . . . . . . . . 3,000

Construction costs incurred under contract

with Builtwell Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400,000

Architect fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32,000

Engineering fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17,000

Bond proceeds (face amount was $1,000,000) . . . . . . . . . . . . . 1,008,000

Bond issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000

Purchase of land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,000

Repayment of bond anticipation notes

treated as long-term debt: 

Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,000

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500

Transfer from General Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000

Construction contracts outstanding at year end . . . . . . . . . . . . 450,000