On 9/1/2020 Steuben County sold bonds at par value in the amount of $8,000,000 to finance construction of a new library. On 10/10/2020 Steuben County entered into a contract with a private contractor to build a new library building in the amount of $7,600,000. On 12/1/2020, when the contract was partially finished, the contractor submitted a bill for $4,000,000. The bill was paid on 12/15/2020 less Steuben's standard 5% retention to assure any construction deficiencies are corrected. Steuben County operates on a December 31 fiscal year. Required: Prepare the journal entries required in the Capital Projects Fund for the above transactions including closing entries