Fulbright County 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 Activties General Journal 1. The county issued $7,400,000 of 6 percent bonds at par. Proceeds from the bonds were to be used for construction of the library. 1 Capital Projects Fund Governmental Activities Cash Other Financing Sources-Proceeds of Bonds 2. A $790,000 federal grant was received to help finance construction of the library. Debit Credit 7,400,000 7,400,000 2. A $790,000 federal grant was received to help finance construction of the library. 2 Capital Projects Fund Governmental Activities 3. The Library Special Revenue Fund transferred $390,000 for use in construction of the library. Capital Projects Fund 3 Governmental Activities 4. A construction contract was awarded in the amount of $6,940,000. 4 Capital Projects Fund Governmental Activities Governmental Activities The library was completed four months ahead of schedule. Total construction expenditures for the library amounted to $8,563,000 and were settled with cash. en the project was completed, the cost of the library was allocated as follows: $270,000 to land, $6,365,000 to building, and the remainder to equipment. 50 Capital Projects Fund Record the completion of construction of the library. 5b Record the payment upon completion of capital project. Governmental Activities Record the completion of construction of the library. 5d Record the capitalization of each item. 5d Record the capitalization of each item. 6. The capital projects fund temporary accounts were closed to Fund Balance-Restricted. The resources are restricted because they were obtained from bonded debt issued exclusively for library construction. The capital projects fund was closed by transfeming remaining funds to the debt service fund for use in library construction debt repayment. Capital Projects Fund Close the temporary accounts to Fund Balance-Restricted. 6b Record the transfer to the debt service fund. 6b Record the transfer to the debt service fund. 60 6d Governmental Activities Close the remaining temporary account to Fund Balance-Restricted