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
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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