Exercise $4$ General obligation bonds, fixed asset construction. Prepare journal entries to record the following events. Identify every fund$($s$)$ or group of accounts in which an entry is made.

a$.$ The city authorized the construction of a city hall to be financed by a $$6,000,000$ contribution of the general fund and the proceeds of a $$30,000,000$ general obligation serial bond issue. Both amounts are budgeted to be received in the current year. Expenditures during the current year are estimated to be $$14,000,000.$ Budgetary accounts are used.

b$.$ The general fund remits the $$6,000,000.$

c$.$ The bonds are sold for $99$; issue costs totaled $$50,000.$

d$.$ A contract is signed with Mader Construction Company for construction of the city hall for an estimated contract cost of $$32,000,000.$ The contract was authorized by a city official delegated authority by the city council.

e$.$ By year$-$end, $$7,000,000$ is paid against the contract with Mader Construction Company.