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Journal entries for a Capital Projects Fund The City of West Hutchison is constructing a new road, which it estimates will cost 7.2 million. The city will finance the road with an expenditure driven state construction grant of 1.2 million and a bond issuance of 56 million Prepare journal entries to record the following transactions and events for the citys Capital Projects Fund during calendar year 2019. No budgetary entries other than encumbrances should be recorded 1. The city receives $62 million from the bond issuance. The face amount of the bonds is 56 million 2. The city in a contract with the lowest bidder, Mary Michel Construction to build the road at a cost of $7.2 million The construction is complete and the city receives a bill toom Mary Michel Contration for 473 millon. A proson of the contract is that the city holds 15 percent retainage until the project is inspected and approved 4. The city bays the amount owed to the contractor less the retainas 5. The city meets the spending provision of the expenditure de construction and rece payment from the state 6. The city impecto approves the construction project and the contractor pada 7. The city transfers remaining cash balance to the Debt Servicefund Credit Debit 6,200,000 > 0 0 OX 6,000,000 200,000 0 0 0 X 7,100,000 X O 0 OX 0 Ref Description 1 Cash Other financing source-long-term debt issued Other financing source - bond issue premium 2 Encumbrances-capital project Budgetary fund balance reserved for encumbrances 3 Budgetary fund balance reserved for encumbrances Encumbrances--capital project To reverse encumbrance for the construction contract. Expenditures--construction costs Retainage payable Construction contracts payable To record construction expenditure. Construction contracts payable Cash Cash Revenues - Construction grant 6 Retainage payable Cash 7 Transfer out to Debt Service Fund Cash > OV 0 OX 4 0 X 0 S 0 X O 0 OX o ( 07 3,000,000 0 x x x Check