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The City of Whitt Falls plans to develop a golf course during 2021 and account for it as the Golf Enterprise Fund (GEF). The course will be built on a parcel of land to be purchased from a private party. The planned out-of-pocket costs for the new course and their financing are as follows: Planned Costs and Financing for Golf Course Spending Acquisition of land from private party $500,000 Installation of sod, sprinklers, landscaping, and fencing 1,000,000 Construction of clubhouse 3,000,000 Total spending $4,500,000 Capital Financing Contribution from the General Fund $1,500,000 Term revenue bonds at 8 percent per annum, interest payable semiannually 3,000,000 Total capital financing $4,500,000 The City plans to sell the bonds on February 1, 2021. Because the bonds are a term issue, bond principal matures in full on February 1, 2031. Interest is payable each August 1 and February 1, beginning August 1, 2021. The bond covenant requires that assets equal to one-tenth of the bond principal be transferred to a restricted account within the GEF on December 31 of each year. Whitt observes a calendar fiscal year. Simmons Design and Construction, Inc. (Simmons) has been awarded the contract to develop the golf course. Construction will commence February 15, 2021, and be completed no later than May 31, so it can open for business during June. The contract stipulates that progress billings from Simmons will be paid within 30 days of receipt, with 5 percent retainage held pending completion and acceptance of the project. The city engineer will inspect the contractor's work and approve progress payments. Accounting for the GEF will be done by the city's existing accounting department (a General Fund department), which will bill the GEF for services rendered at the end of the year. To help the GEF get on its feet financially, no interfund payables will be settled in cash during 2021. The following events and transactions occurred during the year ended December 31,2021: January 3, 2021: Whitt Falls formally established the GEF; the fund's first transaction was the receipt, in cash, of the capital contribution from the General Fund. January 24: The city acquired the adjacent parcel of land from the private owner for the planned $500,000. February 1: The revenue bonds were sold at par ( $3,000,000). February 15: Development of the golf course itself and construction of the clubhouse commenced. March 31: Simmons submitted the first progress billing of $1,800,000. The billing was approved and set up as a construction contracts payable after deducting the 5 percent retainage. (Because of the short duration of the construction period, no construction in progress accounts will be used.) $400,000 of the amount billed represents the cost of sod, sprinklers, landscaping, and fencing (which the city classifies as improvements other than buildings). The balance applies to the cost of the clubhouse ("buildings"). April 25: The construction contracts payable currently due Simmons was paid. April 30: The second progress billing from Simmons, $1,500,000, was approved and set up as a construction contracts payable after deducting the 5 percent retainage; $600,000 applies to sod, sprinklers, landscaping, and fencing (which is now fully installed) with the remainder to the clubhouse building. May 19: The construction contracts payable currently due Simmons was paid. May 23: Simmons' third and final progress billing, $700,000 (all of which represents clubhouse construction costs), was approved and set up as a construction contracts payable after deducting the 5 percent retainage. May 30: The construction contracts payable currently due Simmons was paid. June 1: The new golf course was formally accepted by the City (without need for "touch-up" work), and all remaining amounts due to Simmons were paid. June 1: The City acquired golf course maintenance equipment by entering into a 4-year lease. The first lease payment of $50,000 was paid on June 2 when the equipment was delivered. The remaining lease payments of $50,000 each will occur on the first, second, and third anniversary of the first payment. Assume that the interest rate on the lease is 4 percent. June 2: Inventory in the amount of $12,000 was acquired for the pro shop; the purchase created an accounts payable. June 4: The course opened for business. Greens fees (charges for services) aggregated $209,000 for June. Pro shop sales amounted to $5,000. All revenues were collected. June 30: Expenses for June were as follows. (Charge all expenses to Operating expenses-cost of sales.") Maintenance and pro shop labor (paid in cash) - $48,000 Maintenance supplies, from the Parks DepartmentSpecial Revenue Fund - $4,000 (The invoice was received, but not paid.) Water, supplied by the Whitt Falls water utility-an Enterprise Fund - $80,000 (The invoice was received, but not paid.) Cost of merchandise sold by the pro shop - $2,200 August 1: The first debt service payment on the revenue bonds was made. December 31: Greens fee revenues for the second half of 2021 totaled $370,000; pro shop sales for the same period were $21,200. December 31: Second-half 2021 expenses were as follows: Maintenance and pro shop labor (paid in cash) - $70,000 Maintenance supplies, from the Parks DepartmentSpecial Revenue Fund - $4,000 (The invoice was received, but not paid.) Water, supplied by the Whitt Falls water utility-an Enterprise Fund - $80,000 (The invoice was received, but not paid.) Cost of merchandise sold by the pro shop - $2,900 Accounting and administrative services provided by the accounting department- General Fund $9,000. (The invoice was received, but not paid.) December 31: Interest was accrued on the revenue bonds. December 31: The GEF recorded depreciation of for the year of $35,000 on the building and $25,000 on building improvements. December 31: The GEF recorded amortization on the intangible asset lease of $23,594 December 31: A Restricted Cash account was established in accordance with the requirements of the bond covenant. a) Prepare the journal entries for the 2021 activity in the Golf Enterprise Fund. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. If two accounts have the same balance, enter in alphabetic order. Round any calculations to the nearest dollar. Use a four-digit present value of an annuity due table in the capital lease calculation. Account Debit Credit Cash 1500000 0 1500000 Transfer in from General Fund To record capital contribution from General Fund on January 3rd. Land 500000 Cash 0 500000 To record purchase of land for golf course on January 24th. Cash 3000000 Revenue bonds payable 0 3000000 > 1400000 0 > 400000 0 90000 0 0 O 50000 12000 0 > 0 12000 Retainage payable Cash To record final payment to contractor on June 1st. Intangible asset - Lease Lease payable To record June 1st acquisition of equipment under financing lease. Lease payable Cash To record initial lease payment due June 2, 2021. Inventory Accounts payable To record purchase of inventory on June 2nd. Cash Greens fee revenues Pro shop sales revenues To record June revenues. Cost of sales and services Cash Due to Parks Special Revenue Fund Due to Water Utilities Enterprise Fund Inventory To record June operating expenses. Interest expense Cash 214000 0 0 209000 0 5000 134200 0 48000 V 4000 O O O O 80000 V 2200 120000 0 0 120000 391200 0 0 370000 Cash Greens fee revenues Pro shop sales revenues To record revenues for the second half of 2021. 0 21200 0 0 x 0 OX 0 9000 > 0 > 100000 0 0 100000 60000 0 To record 2021 second half operating expenses. Interest expense Accrued interest payable To record accrual of interest to December 31st. Depreciation expense Accumulated depreciation To record depreciation for the building and improvements. Lease amortization expense Accumulated amortization To record amortization of the leased assets. > 0 60000 > 23594 0 > 0 23594