Fulbright County constructed a library in one of the countys 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.) 1. The county issued $7,100,000 of percent bonds at par. Proceeds from the bonds were to be used for construction of the library. 2. A $760,000 fedral grant was recived to help finance construction of the library. 3. The Library special revenue fund transferred $360,000 for use in construction of the Library 4. A construction contract was awarded in the amount f $6,910,000 5. The Library was completedfour months ahead of time Total construction for the library amounted to $8,204,500 and were settled with cash. When the project was completed, the cost of the library was allocated as follows $255,000 to land, $6,350,000 to building, and remander to the equipment 6. The capital projects fund temporary accounts were closed to Fund balance restricted the resources are restricted because there were obtained from bonded debt issued exclusively for library construction. The capital projects fund was closed by transfering the remanding funds to the dent service fund for use in library constuction debt repayment.