$1.$ The township issues $$5\mathrm{.}0$ million in bonds at a premium of $$\mathrm{.}40$ million and incurs $$\mathrm{.}18$ million in issue costs. The premium, net of issue costs, is transferred to a newly established debt service fund$\mathrm{.}2.$ The township receives $$2\mathrm{.}0$ million in cash from the state for the reimbursement grant in anticipation that the township will incur at least $$2\mathrm{.}0$ million in construction costs$\mathrm{.}3.$ The township pays $$5\mathrm{.}9$ million to invest in short$-$term $($less than one year$)$ securities$\mathrm{.}4.$ The township issues purchase orders and signs construction contracts for $$7\mathrm{.}9$ million$\mathrm{.}5.$ The township sells $$4\mathrm{.}0$ million of its investments for $$4\mathrm{.}4$ million$\mathrm{.}6.$ The township receives invoices totaling $$6\mathrm{.}2$ million. As permitted by its agreement with its prime contractor, the township retains S$\mathrm{.}7$ million pending satisfactory completion$7.8.$ The township recognizes the revenue earned from the reimbursement grant$\mathrm{.}9.$ Anticipating that the project will be completed in the following year, ABC Construction Company pledges to contribute $$1$ million to West Whiteland Township. The township receives the contribution as follows:$*$ $$700,000$ in $2023$;$*$ $$100,000$ in January, $2024$;$*$ $$100,000$ in February, $2024$; and$*$ $$100,000$ in March, $2024\mathrm{.}9.$ By year$-$end, the investments still on hand decreased in value by S$\mathrm{.}25$ million.Doa. Using good form, prepare journal entries to record the transactions in $2023.$b$.$ Prepare the closing entries C$.$ Journal entries D$.$ Income statement