The state government established a capital project fund in $2023$ to build new highways. The fund is supported by a $5$ percent tax on diesel fuel sales in the State. The tax is collected by private gas stations and remitted in the following month to the State. The following transactions occurred during $2024$:

Table Summary: A table titled capital project fund trial balance: December $31,2023,$ comprises $3$ columns and $4$ rows. The column headers are blank, debits, and credits.

Capital Project Fund Trial Balance:

December $31,2023$

Debits Credits

Cash $$8,550,000$

Taxes Receivable $2,700,000$

Contracts Payable $$1,950,000$

Fund Balance $9,300,000$

$$1,890,000$ of encumbrances outstanding at December $31,2023,$ were re$-$established.

During the year, fuel taxes were remitted to the State totaling $$22,090,000,$ including the amount due at the end of the previous year. In addition, $$3,100,000$ is expected to be remitted in January of next year for fuel sales in December $2024.$

The State awarded new contracts for road construction totaling $$23,290,000.$

During the year, contractors submitted invoices for payment totaling $$23,970,000.$ These were all under the terms of contracts $($i$.$e$.,$ same $ amounts$)$ issued by the State.

The State made payments on outstanding accounts of $$23,406,000.$

The state government operates a debt service fund to service outstanding general obligation bonds. The following transactions occurred during $2024$:

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

Debt Service Fund Trial Balance:

December $31,2023$

Debits Credits

Cash $$210,000$

Fund Balance $$210,000$

The state General Fund provided cash of $$5,000,000$ through transfer to the debt service fund.

Payments for matured interest totaled $$2,985,000,$ and payments for matured principal totaled $$2,000,000$ during the year.

In December, the State refunded bonds to obtain a better interest rate. New bonds were issued, providing proceeds of $$25,000,000,$ which was immediately used to retire outstanding bonds in the same amount.

Required:

Use the Excel template provided. A separate tab is provided in Excel for each of the requirements:

Prepare journal entries recording events $1$ to $8($above$)$ for the capital projects and debt service funds and 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 and special revenue fund financial statements have already been prepared$).$

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