Chapter 5 Recording Capital Asset Transactions rized s in r th ap Ja 9, [Para. 5-a-91 In July 2020, the contractor for the Elm Street Project reported that S1,200,000. This amount was paid in late July, less the contractual retention of 5 percent the project was one-half completed and requested a progress payment of Required: Record this transaction in both the Street Improvement Fund and governmental activities general journals 10. (Para. S-a-10] Additional sales taxes were collected in the amount of $320,000 on December 1, 2020. Required: Record this transaction in both the Street Improvement Fund and governmental activities journals. 11. [Para. 5-a-11] On December 10, 2020 the Elm Street project was completed and the contractor for the project requested a final payment of $1,200,000. This amount was recorded as a liability. Payment was made, less the retained percentage, on December 15, 2020. Required: Record this transaction in both the Street Improvement Fund and governmental activities journals. 12. (Para. 5-a-12] The city submitted a $190,000 purchase order for design plans and specifications for the second street improvement project, the "Spruce Street Project." Required: Record this encumbrance in the Street Improvement Fund. 13. [Para. 5-a-13] The city engineer approved the final construction on the Elm Street Project, and the city paid the retained percentage (Transactions 9 and 11) to the contractor. Required: Record this transaction in both the Street Improvement Fund and governmental activities journals. Total construction costs for the Elm Street Project should be capitalized in the Infrastructure account in governmental activities. 14. Verify the accuracy of all your preceding entries in the Street Improvement Fund and govermmental activitioe Chapter 5 Recording Capital Asset Transactions rized s in r th ap Ja 9, [Para. 5-a-91 In July 2020, the contractor for the Elm Street Project reported that S1,200,000. This amount was paid in late July, less the contractual retention of 5 percent the project was one-half completed and requested a progress payment of Required: Record this transaction in both the Street Improvement Fund and governmental activities general journals 10. (Para. S-a-10] Additional sales taxes were collected in the amount of $320,000 on December 1, 2020. Required: Record this transaction in both the Street Improvement Fund and governmental activities journals. 11. [Para. 5-a-11] On December 10, 2020 the Elm Street project was completed and the contractor for the project requested a final payment of $1,200,000. This amount was recorded as a liability. Payment was made, less the retained percentage, on December 15, 2020. Required: Record this transaction in both the Street Improvement Fund and governmental activities journals. 12. (Para. 5-a-12] The city submitted a $190,000 purchase order for design plans and specifications for the second street improvement project, the "Spruce Street Project." Required: Record this encumbrance in the Street Improvement Fund. 13. [Para. 5-a-13] The city engineer approved the final construction on the Elm Street Project, and the city paid the retained percentage (Transactions 9 and 11) to the contractor. Required: Record this transaction in both the Street Improvement Fund and governmental activities journals. Total construction costs for the Elm Street Project should be capitalized in the Infrastructure account in governmental activities. 14. Verify the accuracy of all your preceding entries in the Street Improvement Fund and govermmental activitioe