a) The City of Chicago sold bonds in the amount of $5,000,000 to finance the construction of a sports center. The bonds are serial bonds and were sold at par on July1, 2002 the first day of a fiscal year. Shortly thereafter a construction contract in the amount of $4,500,000 was assigned and the contractor commenced work. By year-end, the contractor had been paid in full for all billings to date amounting to $2,000,000. Required: Prepare in general journal form all entries that should have been made during the fiscal year ended June 30, 2003 to record the above information in the capital projects fund(including closing entries) b) Compute the legal debt margin for the City of Huston given the following information regarding its bonded debt 1) The legal debt limit is 10 percent of total assessed valuation 2) Bonds outstanding and bonds authorized are: Face Amounts Description Authorized Outstanding General obligation street construction 12,000,000 12,000,000 Special assessment sidewalk construction 2,000,000 2,000,000 General obligation park acquisition 2,000,000 0 Water Utility Fund revenue 5,000,000 5,000,000 Industrial development revenue 6,000,000 6,000,000 Note: The City has no liability for the revenue bonds or the industrial development bonds. 3) Total assessed valuation of property within the City of Huston is $200,000,000.