Jefferson County established a capital project fund in $2023$ to build low$-$income housing with the transfer of $$100,000$ from the General Fund. A portion of that was expended on engineering studies in $2023.$ The following transactions occurred during $2024$:

Table Summary: A table titled capital project fund trial balance: December $31,2023,$ comprises $3$ columns and $2$ rows. The column headers are blank, debits, and credits.

Capital Project Fund Trial Balance:

December $31,2023$

Debits Credits

Cash $$72,000$

Fund Balance $$72,000$

April $1,2024,3\mathrm{.}5$ percent bonds with a face value of $$800,000$ were issued in the amount of $$803,000.$ The bond premium was transferred to the debt service fund.

The County received notice that it had met eligibility requirements for a federal government grant intended to support the capital project in the amount of $$250,000.$ The grant $($cash$)$ will be received when the project is completed in February $2025.$

The County issued a contract for the construction in the amount of $$1,015,000.$

The contractor periodically bills the County for construction completed to date. During the year, bills totaling $$680,000$ were received. By year$-$end, a total of $$605,000$ had been paid.

Jefferson County established a debt service fund to make interest and principal payments on the bonds issued in item $1$ above. Bond payments are made on October $1$ and April $1$ of each year. Interest is based on an annual rate of $4$ percent. A principal payment of $$27,000$ is due in $2024.$ The following transactions occurred during $2024$:

The bond premium was received by the debt service fund through transfer from the capital project fund.

September $30,$ $$41,000$ was transferred from the General Fund for the October $1$ bond payment.

The first debt service payment was made on October $1,2024.$

The Elwood Family Reading Enrichment Fund was established in December $2023,$ funded by a bequest with the legal restriction that only earnings, and not principal, can be used to purchase books for the Library in Jefferson County. The principal amount that must be maintained is $$500,000.$ The following transactions occurred during $2024$:

Table Summary: A table titled permanent fund trial balance: December $31,2023,$ comprises $3$ columns and $3$ rows. The column headers are blank, debits, and credits.

Permanent Fund Trial Balance:

December $31,2023$

Debits Credits

Receivable from Grantor $$500,000$

Nonspendable Fund Balance$$Library Purchases $$500,000$

The Elwood family pledge of $$500,000$ was received in donated corporate bonds with a fair value of $$400,000$ and the balance in cash.

$$90,000$ was invested in U$.$S$.$ government securities$.$

Interest in the amount of $$16,500$ was received in cash during the year.

During the year, books totaling $$13,000$ were ordered for the library.

During the year, the library reported receiving books with an invoice amount totaling $$11,500$; $$10,700$ of the amounts due for book purchases had been paid by year$-$end.

An additional $$850$ of interest had accrued on the investments at December $31$ and will be received in January of next year.

The corporate bonds had a market value of $$400,950$ as of December $31.$

Required:

Using the Excel template provided $($a separate tab is provided for each of the requirements$)$:

Prepare journal entries recording events $1$ to $14$ for the capital projects, debt service, and permanent funds.

Post the journal entries to T$-$accounts.

Prepare closing entries.

Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Governmental Funds $($the General Fund financial statements have already been prepared$).$

Prepare a Balance Sheet for the Governmental Funds, assuming that unexpended spendable resources in the capital projects and permanent funds are classified as restricted, and unexpended spendable resources in the debt service fund are classified as assigned.