Prepare journal entries for the following related transactions in the fund and activity journals affected. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. A capital projects fund issued $5,000,000, 4 percent bonds for $5,050,000 to finance improvements of a park. Premiums received are to be used to service the debt issue. 2. The Parks and Recreation Special Revenue Fund transferred $250,000 for use in construction. 3. A construction contract was awarded in the amount of $5,200,000. 4. A bill was received from the contractor for $2,600,000. 5. The contractors bill is paid. 5% retainage is withheld. 6. The park renovations were completed and the final bill of $2,600,000 was received. The contractors bill and retainages are approved for payment in full. Total construction expenditures were allocated as follows: $5,000,000 to building, and the remainder to equipment. 7. The capital projects fund temporary accounts were closed, and the capital projects fund was closed by transferring remaining funds to the debt service fund for use in debt repayment.

List of accounts:

No Journal Entry Required

Bonds Payable

Cash

Construction Expenditures

Construction Work in Progress

Contracts Payable

Contracts PayableRetained Percentage

Encumbrances

Encumbrances Outstanding

Equipment Fund BalanceRestricted or Assigned

Other Financing SourcesBond Premium

Other Financing SourcesInterfund Transfers In

Other Financing SourcesInterfund Transfers Out

Other Financing SourcesProceeds of Bonds

Park Building Premium on Bonds Payable