E6-25 Comprehensive Capital Assets/Serial Bond Problem (LO 6-2, LO 6-5) Residents from the Town of Mountain View authorized a $7,400,000 renovation to their historic town hall on November 15, 2019. Financing for the project consists of $2,800,000 from a 5 percent serial bond issue, $2,400,000 from a state grant, and $2,200,000 from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dollar of sales in the city. The town has a calendar year-end. Required Prepare journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental activities at the government-wide level. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. At year-end, closing entries are made; In the capital projects fund, $2,200,000 of the fund balance is assigned, and the remainder is restricted. (1) Debt Service fund (2) Record the entry to close the operating statement account in the Debt Service Fund. (3) Capital Projects Fund Record the entry to close the budgetary statement account in the Capital Projects Fund. m. Record the 2021 budget for the Serial Debt Service Fund; $240,000 of earmarked sales taxes are expected to be collected in 2021; appropriations include a $280,000 principal payment on April 1 and two serial bond interest payments. m Debt Service fund Capital Projects Fund Governmental Activities E6-25 Comprehensive Capital Assets/Serial Bond Problem (LO 6-2, LO 6-5) Residents from the Town of Mountain View authorized a $7,400,000 renovation to their historic town hall on November 15, 2019. Financing for the project consists of $2,800,000 from a 5 percent serial bond issue, $2,400,000 from a state grant, and $2,200,000 from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dollar of sales in the city. The town has a calendar year-end. Required Prepare journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental activities at the government-wide level. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. At year-end, closing entries are made; In the capital projects fund, $2,200,000 of the fund balance is assigned, and the remainder is restricted. (1) Debt Service fund (2) Record the entry to close the operating statement account in the Debt Service Fund. (3) Capital Projects Fund Record the entry to close the budgetary statement account in the Capital Projects Fund. m. Record the 2021 budget for the Serial Debt Service Fund; $240,000 of earmarked sales taxes are expected to be collected in 2021; appropriations include a $280,000 principal payment on April 1 and two serial bond interest payments. m Debt Service fund Capital Projects Fund Governmental Activities