The year-end pre-closing trial balance for the Woodland Park Capital Projects Fund is provided below.

Required

a. Prepare the year-end statement of revenues, expenditures, and changes in fund balances for the capital projects fund.

b. Prepare the year-end balance sheet. Assume that all fund balances are restricted.

c. Has the capital project been completed? Explain your answer. 

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Cash Grant Receivables Investments Contracts Payable Contracts Payable-Retained Percentage Encumbrances Outstanding Revenues Encumbrances Construction Expenditures Other Financing Sources-Proceeds of Bonds Debits $ 987,000 600,000 1,000,000 1,625,000 4,150,000 $8,362,000 Credits $1,263,500 66,500 1,625,000 707,000 4,700,000 $8,362,000