Question: please get the correct answer for requirement B! specifically Capital Outlay The City of Waterman established a capital projects fund for the construction of an

please get the correct answer for requirement B! specifically "Capital Outlay"  please get the correct answer for requirement B! specifically "Capital Outlay"
The City of Waterman established a capital projects fund for the construction
of an access ramp from the parking garage to the city's office
building to be used by individuals with disabilities. The estimated cost of

The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the city's office building to be used by individuals with disabilities. The estimated cost of the ramp is $230,000. On January 1,202, a 8 percent, $140,000 bond issue was sold at 104 with the premium transferred to the debt service fund. At that date, the county board provided a $90,000 grant. After a period of negotiation, the city council awarded a construction contract for $191,000 on April 5, 20X2. The ramp was completed on August 8,20X2, its actual cost was $199,000. The city council approved payment of the total actual cost of $199,000. In addition to the $199,000, the ramp was carpeted with all-weather materlal at a cost of $15,500. On November 3,202. the city council gave the final approval to pay for the ramp and the carpeting. After all bills were paid, the remaining fund balance was transferred to the debt service fund. Required: o. Prepare entries for the capital projects fund for 202 b. Prepare a statement of revenues, expenditures, and changes in fund balance for the capital projects fund for 202 (3) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare entries for the capital projects fund for 202. Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account fiold. Required B Prepare a statement of revenues, expenditures, and changes in fund balance for the capital projects fund for Note: Negative amounts and amounts to be deducted should be indicated by minus sign

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!