On June 25, the Fort Steven School System received authorization to issue bonds in the amount of $7,500,000 for improvements on certain buildings. The following transactions occurred after the authorization:

a. Bonds in the amount of $6,500,000 were sold on July 1 of that year.

b. On July 6, contracts were issued for improvements estimated to cost $6,750,000.

c. The remaining bonds were sold on July 8.

d. A partial payment invoice for work completed in the amount of $2,000,000 was received on July 25.

e. On August 1, materials were purchased on account for $750,000.

f. The improvements were completed on August