E7-7 (Statement of Revenues, Expenditures, and Changes in Fund Balance) Prepare a statement of revenues, expenditures, and changes in fund balance for the Ahmed Village Park Improvement Capital Projects Fund for 20X7, given the following information: Fund balance, January 1, 20X7 .......................... $2,000,000 Intergovernmental grant revenue ........................ 850,000 Interest revenue ...................................... 30,000 Increase in fair value of investments ..................... 3,000 Construction costs incurred under contract with Builtwell Co. ................................... 2,400,000 Architect fees ........................................ 32,000 Engineering fees ...................................... 17,000 Bond proceeds (face amount was $1,000,000) ............. 1,008,000 Bond issuance costs ................................... 5,000 Purchase of land ...................................... 92,000 Repayment of bond anticipation notes treated as long-term debt:                             Principal........................................... 600,000 Interest ............................................ 3,500 Transfer from General Fund ............................ 250,000 Construction contracts outstanding at year end ............ 450,000

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Chapter1: Financial Statements And Business Decisions
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E7-7 (Statement of Revenues, Expenditures, and Changes in Fund Balance) Prepare a statement of revenues, expenditures, and changes in fund balance for the Ahmed Village Park Improvement Capital Projects Fund for 20X7, given the following information:

Fund balance, January 1, 20X7 .......................... $2,000,000

Intergovernmental grant revenue ........................ 850,000

Interest revenue ...................................... 30,000

Increase in fair value of investments ..................... 3,000

Construction costs incurred under contract with Builtwell Co. ................................... 2,400,000 Architect fees ........................................ 32,000

Engineering fees ...................................... 17,000

Bond proceeds (face amount was $1,000,000) ............. 1,008,000

Bond issuance costs ................................... 5,000

Purchase of land ...................................... 92,000

Repayment of bond anticipation notes treated as long-term debt:                             Principal........................................... 600,000

Interest ............................................ 3,500

Transfer from General Fund ............................ 250,000

Construction contracts outstanding at year end ............ 450,000

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