Armstrong County established a County Office Building Construction Fund to account for a project that was expected to take less than one year to complete. The Countys fiscal year ends on June 30.

1. journal entry: On July 1, 2019, bonds were sold at par in the amount of $8,000,000 for the project.
2. Journal entry: On July 5, a contract was signed with the Sellers Construction Company in the amount of $7,890,000.
3. (3A.) Journal entry: On December 30, a progress bill was received from Sellers in the amount of $5,000,000. The bill was paid, except for 5 percent retained upon final inspection.
4. (3B) Journal Entry: On December 30, a progress bill was received from Sellers in the amount of $5,000,000. The bill was paid, except for 5 percent retained upon final inspection. Prepare the journal to record the liability.
5. (3C) Journal Entry: On December 30, a progress bill was received from Sellers in the amount of $5,000,000. The bill was paid, except for 5 percent retained upon final inspection. Prepare the journal entry to record payment of the invoice and the retained amount.
6. (4A) Journal Entry: On June 1, a final bill was received in the amount of $2,890,000 from Sellers, which was paid, except for the 5 percent retained. An appointment was made between the county engineer and Bill Sellers to inspect the building and to develop a list of items that needed to be corrected.
7. (4B) Journal Entry: On June 1, a final bill was received in the amount of $2,890,000 from Sellers, which was paid, except for the 5 percent retained. An appointment was made between the county engineer and Bill Sellers to inspect the building and to develop a list of items that needed to be corrected. Prepare the journal entry related to record the liability.
8. (4C) Journal Entry: On June 1, a final bill was received in the amount of $2,890,000 from Sellers, which was paid, except for the 5 percent retained. An appointment was made between the county engineer and Bill Sellers to inspect the building and to develop a list of items that needed to be corrected. Prepare the journal entry related to record payment of the invoice and the retained amount.
9. On the day of the meeting, the county engineer discovered that Sellers had filed for bankruptcy and moved out of the state. The City incurred a liability in the amount of $497,000 to have the defects corrected by the Baker Construction Company. (Charge any excess over the balance of Contracts PayableRetained Percentage to Construction Expenditures.) Prepare the journal entry to record the liability to Baker Construction.
10. (6A) Journal Entry: On the day of the meeting, the county engineer discovered that Sellers had filed for bankruptcy and moved out of the state. The City incurred a liability in the amount of $497,000 to have the defects corrected by the Baker Construction Company. (Charge any excess over the balance of Contracts PayableRetained Percentage to Construction Expenditures.)
11. (6B) Prepare journal entry to record the tansfer of the remaining cash to the debt service fund . All accounts (from 5 above) were paid; remaining cash was transferred to the debt service fund.
12. Prepare the journal entry necessary to close the accounts: The accounts of the County Office Building Construction were closed. Required: a. Record the transactions in the County Office Building Construction Fund for the fiscal year ended June 30, 2020. b. Prepare a separate Statement of Revenues, Expenditures, and Changes in Fund Balances for the County Office Building Construction Fund

A - Prepare all of the above journal entries

B- Prepare Statement of revenues, expenditures, and changes in fund balance