Prepare Journal entries for the following related transactions in the fund and activity journals affected.

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.

Record the issue of 4 percent bonds in the Capital Projects fund.

Record the issue of 4 percent bonds in the governemental Activities fund.

Record the issue of 4 percent bonds in the Debt service fund.

2. The Parks and Recreation Special Revenue Fund transferred $250,000 for use in construction.

Record the receipt from the Parks and Recreation Special Revenue for use in construction in the capital projects fund. Record the payment to the capital projects fund for use in construction in the capital projects fund.

3. A construction contract was awarded in the amount of $5,200,000.

Record the award of the construction contract in the capital projects fund.

4. A bill was received from the contractor for $2,600,000.

Record the bill received from the contractor in the capital projects fund.

Record the adjustment to the encumbrances outstanding in the capital projects fund.

Record the bill received from the contractor in the Governmental activities.

5. The contractors bill is paid. 5% retainage is withheld.

Record the 5% retainage withheld in the Capital Projects and Governmental Funds.

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.

Record the final bill received from the contractor in the capital projects fund.

Record the adjustment to the encumbrances outstanding in the capital projects fund.

Record the payment of the bill and the retainage in the Capital Projects Fund.

Record the final bill received from the contractor in the Governemental activities journal.

Record the payment of the bill and the retainage in the governmental activities journal.

Record the construction completion in the governmental activities fund.

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.

Record the entry to close nominal accounts in the capital projects fund.

Record the entry to transfer the balance in the capital projects fund.

Record the entry to close the capital projects fund.

Record the receipt on closure of the capital projects fund in the Debt Service Fund.