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5-C. Part 1. Capital Projects Fund Transactions The voters of the City of Monroe approved the issuance of taxsupported bonds in the face amount of $4,000,000 for the construction and equipping of a new City Jail. Architects were to be retained, and construction was to be completed by outside contractors. In addition to the bond proceeds, a $1,000,000 grant was expected from the state government. Required: a. Open a general journal for the City Jail Annex Construction Fund. Record the following transactions and post to the general ledger. Control accounts are not necessary. (1) On January 1, 2014, the total face amount of bonds bearing an interest rate of 8 percent was sold at a $120,000 premium. The bonds are to mature in blocks of $200,000 each year over a 20-year period commencing January 1, 2013. Interest payment dates are July 1 and January 1. The first interest payment will be July 1, 2014. The premium was transferred to the City Jail Debt Service Fund for the future payment of principal on the bonds. (2) The receivable from the state government was recorded. (3) Legal and engineering fees early in the project were paid in the amount of $77,000. This amount had not been encumbered. (4) Architects were engaged at a fee of $176,000. (5) Preliminary plans were approved, and the architects were paid 20 percent of the fee. (6) The complete plans and specifications were received from the architects and approved. A liability in the amount of $105,600 (60% of the contract) to the architects was approved and paid. (7) Bids were received and opened in public session. After considerable discussion in City Council, the low bid from Hardhat Construction Company in the amount of $4,300,000 was accepted, and a contract was signed. (8) The contractor required partial payment of $1,500,000. Payment was approved and vouchered with the exception of a 5 percent retainage. (9) Cash in the full amount of the grant was received from the state government. (10) Furniture and equipment for the annex were ordered at a total cost of $450,000. (11) Payment was made to the contractor for the amount vouchered (see 8 above). (12) The contractor completed construction and requested payment of the balance due on the contract. After inspection of the work, the amount, including the past retainage, was vouchered and paid. (13)The furniture and equipment were received at a total actual installed cost of $439,300. Invoices were approved for payment. (14) The remaining 20% of the architects' fees was approved for payment. (15) The City Jail Construction Fund paid all outstanding accounts payables ($ 474,500) on December 31, 2014. (16) The remaining cash was transferred to the City Jail Debt Service Fund. Required: a. Open a general journal for the City Hall Debt Service Fund and prepare journal entries for the following transactions. Control accounts are not necessary (1) The fiscal agent reported that $180,000 in checks had been mailed to bondholders for interest due on January 1, and $400,000 in checks were mailed for bonds maturing that day. (2) Cash in the amount of $574,000 was received from the General Fund on June 30 and was transferred to the fiscal agent. (3) The fiscal agent reported that checks dated July 1 had been mailed to bondholders for interest of $ 174,000 due that day and $400,000 in checks were mailed for bonds maturing that day. (4) Cash in the amount of $568,000 was received from the General Fund on December 31 and transferred to the fiscal agent to be used for the interest and principal due on January 1 (next fiscal year). The government elected to not accrue the interest or principal at year-end