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Question 23 (16 points) The City of Portland has started construction on retrofitting buildings to make them safe in the event of a large earthquake.

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Question 23 (16 points) The City of Portland has started construction on retrofitting buildings to make them safe in the event of a large earthquake. A contract was signed with ABC Construction Co. for $1,000,000 for this work on July 1st. On September 1, a progress bill was received in the amount of $400,000. The bill was paid on September 30, except for 5% retained upon final inspection. Record all necessary budgetary and activity journal entries in the Capital Projects Fund for the months of July and September

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