Chapter 5-3-Homework 1 25 Book In Fulbright County, the Culture and Recreation Department constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund/Governmental Activies General Journal Debit Credit Print Referenc 1. The county issued $7,100,000 of 6 percent bonds, with interest payable semiannually on January 1 and July 1. The bonds sold for 101 on February 1. Proceeds from the bonds were to be used for construction of the library, with all interest and premiums received to be used to service the debt issue Assume the premium and interest are recorded directly in the debt service fund 1 Capital Projects Fund Cash Other Financing Sources-Proceeds of Bonds Govermental Activities Cash Accrued Interest Payable (or Expenses-Interest on Bonds) Premium on Bonds Payable 2.A$760,000 federal grant was received to help finance construction of the Sibrary 2 Capital Projects Fund Cash Governmental Activities The Library Special Revenue Fund transfened $360,000 for use in construction of the 3 Capital Projects Fund Governmental Activities LA construction contract was awarded in the amount of $6,910,000 4 Capital Projects Pund Governmental Activis 7,100,000 7,100,000 71,000 5. The trary was completed four months ahead of schedule. Total construction expenditures for the library amoured to $6,204,500. When the project was completed, the cost of the itrary was alocated as follows: $255,000 to land, $8.350,000 to building, and the remainder t 5 Capital Projects Fund Recond the completion of construction of the library 50 Record the payment upon completion of capital project Governmental Activities Record the completion of consicion of the Racers the capitalization of each an