1. [Para. 5-a-4] On March 15, 2020, construction bids were opened and analyzed. A bid of $2,400,000 was accepted, and the contract was awarded for the Elm Street Project. The contract provided for a retained percentage of 5 percent from each progress payment, and from the final payment, until final inspection and acceptance by the citys public works inspectors.

   Required: Record the signing of the contract in the Street Improvement Fund general journal. This transaction has no effect at the government-wide level.