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.

1. The county issues $6,000,000 of 4 percent bonds at par. Proceeds from the bonds were to be used for construction of the library.

2. A $650,000 federal grant was received to help finance construction of the library.

3. The library special revenue fund transferred $250,000 for use in construction of the library.

4. A construction contract was awarded in the amount of $6,800,000.

5. The library was completed four months ahead of schedule. Total construction expenditures for the library amounted to $6,890,000 and were settled with cash. When the project was completed, the cost of the library was allocated as follows: $200,000 to land, $6,295,000 to building, and the remainder to equipment.

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 transferring remaining funds to the debt service fund for use in library construction debt repayment.