During December $2022,$ West Fallowfield Township decided to construct sidewalks for a neighborhood. Estimated cost is $$1,100,000$ and construction is expected to be completed during the summer of $2024.$ The project is to be funded first from a state grant that is expected to be received in $2023,$ then from special assessment bonds that are to be issued in $2023.$ Any remaining balance is to be paid from the township$$s General Fund. During $2023,$ the township engaged in the following transactions, all of which are recorded in a Capital Projects Fund. Using good form, prepare the $2023$ journal entries to record these transactions in the Capital Projects Fund.

a$.$ The state awarded the township a reimbursement grant of $$600,000$ to assist in the construction of the sidewalks. The township received the $$600,000$ cash at the time the grant was announced.

b$.$ The township issued $$500,000$ in bonds $($face value$)$ at a premium of $$80,000$ and incurred $$115,000$ in issue costs.

c$.$ The General Fund committed $($promised$)$ to make up to the Capital Projects Fund the $$35,000$ deficiency that resulted in part $$b$.$

d$.$ The township invested $$450,000$ in short$-$term $($less than one year$)$ securities$.$

e$.$ The township issued purchase orders and signed construction contracts totaling $$780,000.$

f$.$ The township paid invoices from the construction contractor totaling $$490,000.$

g$.$ The township recognized the revenue earned from the state$$s reimbursement grant.

h$.$ The township sold investments that originally cost $$200,000,$ receiving $$181,000$ cash.

i$.$ As promised in part $$c$,$ the Capital Projects Fund received $$15,000$ from the General Fund, with the remaining $$20,000$ balance to be received in January $2024.$

j$.$ By year$-$end, the investments still on hand had increased in value by $$52,000$

Using the journal entries prepared in the previous problem for West Fallowfield Township$$s Capital Projects Fund, using good form, prepare the Statement of Revenues, Expenditures and Changes in Fund Balance for the year ending December $31,2023$; and the Balance Sheet at December $31,2023.$ At December $31,2022,$ the township$$s Capital Projects Fund had the following account balances in its General Ledger:

$$ Cash $--$ $ $980,000$

$$ Investments $--$ $ $340,000$

$$ Unreserved Fund Balance $--$ $ $1,320,000$