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1. [Para. S-a-l] On the rst day of the 2020 scal year (January 1, 2020), the bond issue was sold at 102. Cash in the
1. [Para. S-a-l] On the rst day of the 2020 scal year (January 1, 2020), the bond issue was sold at 102. Cash in the face amount of the bonds, $5,000,000, was deposited in the City Hall Annex Construction Fund; the premium was deposited in the Debt Service Fund, as required by state law. Make the appropriate entries in the general journals of the Capital Projects Fund and governmental activities at the government-wide level. Wait until instructed in Chapter 6 to make the corresponding entry in the Debt Service Fund. 2. [Para. 5-a-2] The City Hall Annex Construction Fund purchased land for the annex for $315,000 in cash. In the governmental activities general journal at the govemment-wide level, this purchase should be debited to Land. 3. [Para. 5-3-3] A contract for architectural services was signed at an estimated amount of $500,000 for the design of the City Hall Annex. 4. [Para. 5-a-4] Preliminary plans were received (related to the contract signed in paragraph 5-a3) for which architectural fees of $47,000 were vouchered to be paid later. 5. [Para. 5-a-5] Advertisements soliciting construction bids at a cost of $7,210 were vouchered and will be paid later. 6. [Para. 5-a6] Vouchers payable were recorded in the amount of $453,000 for architectural plans and specications for the construction project (see para. 5-a-3). 7. [Para. 5-a-7] Construction bids were opened and analyzed. A contract was signed with the rm that submitted the winning bid of $3,850,000. A provision of the contract permits the city to withhold 5 percent of payment pending nal acceptance of the completed project. 8. [Para. 5-a-8] The contractor submitted a billing for $1,950,000. 9. [Para. 5-a-9] The contractor's billing (see Para. 5-a-8) was paid, less the retained percentage
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