The following information pertains to activities for the construction of an office building (the project...

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Accounting

The following information pertains to activities for the construction of an office building (the project hereafter) in capital project fund (CPF) of SB city during the fiscal year 2017 ending on 12/31/2017.

The City Council approved its CPF budget for the year ending 12/31/2017, comprising estimated revenues of $7,000,000 and appropriations of $6,800,000.

Prepare any necessary journal entries for the above transactions for respective fund statements and government wide financial statements.

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