Bingham Chapter 5 Questions Help

Hello, I need assistance with my Bingham please. I will include the 5 questions I need answered as well as the instructions.

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Chapter 5 Recording Capital Asset and Capital Project Transactions

City Hall Annex Construction Fund and Governmental Activities at the Government-wide Level

During fiscal year 2016, the voters of the City of Bingham approved the issuance of 3 percent tax-supported serial bonds in the face amount of $7,500,000 to constructand equip an annex to the City Hall. The bonds are to mature in blocks of $375,000 every six months over a 10-year period commencing January 1, 2018.

Required

a.Prepare general journal entries as necessary to record the following transactions in the general journals of theCity Hall Annex Construction Fundand, if applicable, in the governmental activities general journal at the government-wide level. Do not record entries at this time in any other affected funds; those entries will be made in later chapters of this cumulative problem that cover those funds. Use account titles listed under the drop-down [Account (#-Account Description)] menu. Be sure the year 2017 is selected from the drop-down [Year] menu and the appropriate paragraph number shown in bold-face font below is in the [Transaction Description] box.

Before closing the City of Bingham, click on [File], and [Save/Save As] to save your work.If you close the file by clicking on the [X] box you will be asked if you want to save your changes before closing.

[Para. 5-a-1] On the first day of the 2017 fiscal year (January 1, 2017), the bond issue was sold at 101. Cash in the face amount of the bonds, $7,500,000, was deposited in the City Hall Annex Construction Fund; the premium was deposited in the debt service fund, as required by state law.

Required: Record these transactions in the City Hall Annex Construction Fund and governmental activities journals. (Hint: In addition to recording the liability for bonds payable in the governmental activities journal, you should record the premium on the bonds payable [credit Unamortized Premium on Serial Bonds] in the governmental activities general journal.) Wait until instructed in Chapter 6 to make the corresponding entry in the debt service fund.

[Para. 5-a-2] The city invested $5,000,000 of the bond proceeds in 90-day notes.

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.

[Para. 5-a-3] The City Hall Annex Construction Fund purchased land for the annex for $500,000. This amount was vouchered.

Required: Record this transaction in both the City Hall Annex Construction Fundand governmental activities general journals. In the governmental activities general journal at the government-wide level, this purchase should be debited to Land. (Note: This transaction was not encumbered.)

[Para. 5-a-4] A contract for architectural services was signed at an estimated amount of $325,000 for the design of the City Hall Annex.

Required: Record the encumbrance in the City Hall Annex Construction. This transaction has no effect at the government-wide level.

[Para. 5-a-5] Legal and other capitalizable costs of the bond issue were vouchered in the amount of $150,000.

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. (Note: This transaction was not encumbered.)