A county capital projects fund receives resources of $8,000,000 from a bond issue and a state grant of $15,000,000, to build an administration building. Both funding sources are externally restricted to the capital project. During the year contracts are signed for $20,000,000. Contractors submit bills for $5,000,000 and the county pays $4,000,000. At year-end, how does the capital projects fund report fund balance?

Restricted $4,000,000, committed $15,000,000

Restricted $3,000,000, committed $15,000,000

Restricted $18,000,000

Restricted $19,000,000

A capital projects fund buys equipment for $4,000,000. The equipment has a 4-year estimated life, straight-line, no residual value. The equipment is sold after 3 years for $200,000. Which statement is true regarding the effect on the capital project fund's operating statement in the year the equipment is sold?

$800,000 loss is reported in the nonoperating section.

$200,000 proceeds are reported as other financing sources.

$800,000 loss is reported as other financing uses.

$200,000 proceeds are reported in the revenues section.

Which statement below is false concerning the reporting for bond issues in the fund statements of a government?

A. Proceeds from bonds issued to finance capital projects are reported as other financing sources in the capital projects fund operating statement.

B. Payments of principal and interest on bonds issued by an enterprise fund are accounted for using a debt service fund.

C. Payments of principal on general obligation bonds are reported as expenditures in the debt service fund operating statement.

D. The principal of bonds issued to finance capital projects of an internal service fund is reported as a liability on the internal service funds balance sheet.