consider the following transactions:

a. the city government approved a $1,500,000 addition to the library to be financed by a $1,000,000 general obligation bond issue and a $500,000 state grant. the city anticipated that the proceeds from both the bond sale and the grant would be received in 2014. it is also estimated that 40% of the project will be completed by year end.

b. the bonds are sold at 101. the bond premium is transferred to the debt service fund to be used for interest.

c. the grant is approved by the state for payment.

d. a contract for the project is signed to build the addtion for $1,440,000

e. the architect's bill is received for $15,000 and paid without an encumbrance.

f. one-half of the grant is received from the state.

g. a progress billing for $576,000 is received from the contractor.

h. the closing entries for 2014 are made.

required:

make the necessary journal entries to record the transactions in the capital project fund of chatham during 2014. budgetary accounts are used.