Clark City has the following balances in the accounts of its capital projects fund at year-end before closing entries. All accounts have normal balances. All amounts are in millions of dollars.
REQUIRED:
(a) Prepare an operating statement for the capital projects fund.
(b) Prepare a balance sheet for the capital projects fund. 
Definitions:
Outstanding Voting
Refers to the shares of a corporation that have voting rights and are currently held by shareholders, not the company itself.
Initial Value Method
An accounting approach where investments are recorded at their original cost without subsequent adjustment for changes in value.
Intra-entity Gross Profit
The profit recognized on transactions within different parts of the same company.
Consolidation Worksheet
A financial tool used to merge and organize the financial information of parent and subsidiary companies for reporting purposes.
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