1. [Para. 5-a-9] In July 2020, the contractor for the Elm Street Project reported that the project was one-half completed and requested a progress payment of $1,200,000. This amount was paid in late July, less the contractual retention of 5 percent. (This is the contractor in whose books will be booked)

   Required: Record this transaction in both the Street Improvement Fund and governmental activities general journals.