1) In addition to a $5,000,000 liability in the government-wide Statement of Net Position, how would the bond sale be reported?

- As a $4,968,750 revenue in the capital projects fund and a $50,000 revenue in the debt service fund.

- As a $5,000,000 revenue in the capital projects fund, a $50,000 revenue in the debt service fund, and a $5,000,000 expenditure in the debt service fund.

- As a $5,000,000 other financing source in the capital projects fund, a $50,000 other financing source in the debt service fund, and as a $5,000,000 liability in the debt service fund.

- As a $5,050,000 other financing source in the capital projects fund, a $50,000 other financing use in the capital projects fund, and a $50,000 other financing source in the debt service fund.

The contractors contract includes a 10% retainage. If the first invoice was for $500,000 then what entries would be made when the invoice was received. Select all that apply. (The entire entry is not listed.)

- DR retainage payable for 500,000

- CR Encumbrance for $500,000

- CR Retainage Payable for $50,000

- DR Expenditure for $450,000

- CR Contract Payable for $500,000

- CR Cash for $450,000