Prepare journal entries for the following related transactions only in the capital projects fund for the City of Newport.

1. The capital projects fund issued $20,000,000, 5 percent bonds to finance improvements of a park.

2. The Parks and Recreation Special Revenue Fund transferred $1,000,000 to the capital projects fund for use in construction.

3. A construction contract was awarded and signed in the amount of $20,800,000.

4. A bill was received from the contractor for $10,400,000.

5. The contractor's bill is paid, and 5% retainage is withheld.