Residents from the Town of Mountain View authorized a $10,900,000 renovation to their historic town hall on November 15,2022. Financing for the project consists of $4,000,000 from a 3 percent serial bond issue, $3,600,000 from a state grant, and $3,300,000 from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dolla of sales in the city. You may ignore entries in the General Fund. The town has a calendar year-end. Required Prepare journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental activities at the government-wide level. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) c. Planning and architect's fees for the town hall renovation are paid in the amount of $210,000. \begin{tabular}{|l|l|l|l|l|l|l|} \hlinec & Debt Service fund & \\ \hline & & & \\ \hline & Capital Projects Fund & \\ \hline & & \\ \hline & & Governmental Activities & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} d. The town hall renovation construction contract is awarded to a local contractor, Central Paving and Construction, for $9,374,000. \begin{tabular}{|l|l|l|l|l|l|} \hlined & Debt Service fund & \\ \hline & & \\ \hline & Capital Projects Fund & \\ \hline & & \\ \hline & & \\ \hline & Governmental Activities & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} e. On April 1,2023 , the town issues serial bonds with a face value totaling $4,000,000 and having maturities ranging from one to 20 years at 102 . The bonds bear interest of 3 percent per annum, payable semiannually on April 1 and October 1 . f. The capital projects fund paid the city's Utility Fund $80,000 for wiring associated with the renovation. No encumbrance had been recorded for this service. g. On October 1, 2023, the city mailed checks to bondholders for semiannual interest on the bonds. h. Sales taxes earmarked for debt service of $340,000 were collected. i. Central Paving and Construction submitted a progress billing to the town for $4,000,000. The city's public works inspector agrees that all milestones have been met for this portion of the work. \begin{tabular}{|l|l|l|l|l|l|} \hline & Debt Service fund & & \\ \hline & & Recordthereversalofencumbrancesfortheprogresstodateontheprojectandalsotheconstructionexpenditurefortheinvoicereceived. \\ \hline & Capital Projects Fund & & \\ \hline & & & \\ \hline & & & \\ \hline & & Governmental Activities & & 3 \\ \hline & & & 3 \\ \hline & & & 3 \\ \hline \end{tabular} j. The town paid Central Paving and Construction the amount it had billed, except for 3 percent that was withheld as a retained percentage per terms of the contract. k. Grant funds totaling $3,600,000 are received from the state historical society because eligible expenditures have been made. 1. At year-end, closing entries are made; in the capital projects fund, $3,300,000 of the fund balance is assigned, and the remainder is restricted. m. Record the 2024 budget for the Serial Debt Service Fund; $300,000 of earmarked sales taxes are expected to be collected in 2024; appropriations include a $400,000 principal payment on April 1 and two serial bond interest payments. n. Sales tax collections for debt service amounted to $400,000. \begin{tabular}{|l|l|l|l|l|l|l|} \hlinen & Debt Service fund & \\ \hline & & & \\ \hline & Capital Projects Fund & \\ \hline & & \\ \hline & & Governmental Activities & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} o. Central Paving and Construction submitted a final billing to the town for $3,300,000. Upon final inspection by the Public Works Department, a leak was discovered in the roof. \begin{tabular}{|l|l|l|l|} \hline 0 & Debt Service fund & Record the reversal of encumbrances for the progress to date on the project and also the construction \\ \hline & Capital Projects Fund & \\ \hline & & & \\ \hline & & \\ \hline & & \\ \hline & Governmental Activities & \\ \hline & & \\ \hline & & \\ \hline & \\ \hline \end{tabular} p. Public works employees installed a new sidewalk and landscaping at a total cost of $100,000. \begin{tabular}{|l|l|l|l|l|l|} \hline p & Debt Service fund & \\ \hline & & \\ \hline & Capital Projects Fund & \\ \hline & & \\ \hline & & \\ \hline & Governmental Activities & \\ \hline & & \\ \hline & & \\ \hline & & 3 \\ \hline \end{tabular} q. The roof leak was repaired satisfactorily, and the city paid the final billing and all retainages. r. The April 1 debt service payments are made. s. The renovation is considered complete, and appropriate amounts are reclassified as buildings and improvements other than buildings (i.e., landscaping). Residents from the Town of Mountain View authorized a $10,900,000 renovation to their historic town hall on November 15,2022. Financing for the project consists of $4,000,000 from a 3 percent serial bond issue, $3,600,000 from a state grant, and $3,300,000 from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dolla of sales in the city. You may ignore entries in the General Fund. The town has a calendar year-end. Required Prepare journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental activities at the government-wide level. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) c. Planning and architect's fees for the town hall renovation are paid in the amount of $210,000. \begin{tabular}{|l|l|l|l|l|l|l|} \hlinec & Debt Service fund & \\ \hline & & & \\ \hline & Capital Projects Fund & \\ \hline & & \\ \hline & & Governmental Activities & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} d. The town hall renovation construction contract is awarded to a local contractor, Central Paving and Construction, for $9,374,000. \begin{tabular}{|l|l|l|l|l|l|} \hlined & Debt Service fund & \\ \hline & & \\ \hline & Capital Projects Fund & \\ \hline & & \\ \hline & & \\ \hline & Governmental Activities & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} e. On April 1,2023 , the town issues serial bonds with a face value totaling $4,000,000 and having maturities ranging from one to 20 years at 102 . The bonds bear interest of 3 percent per annum, payable semiannually on April 1 and October 1 . f. The capital projects fund paid the city's Utility Fund $80,000 for wiring associated with the renovation. No encumbrance had been recorded for this service. g. On October 1, 2023, the city mailed checks to bondholders for semiannual interest on the bonds. h. Sales taxes earmarked for debt service of $340,000 were collected. i. Central Paving and Construction submitted a progress billing to the town for $4,000,000. The city's public works inspector agrees that all milestones have been met for this portion of the work. \begin{tabular}{|l|l|l|l|l|l|} \hline & Debt Service fund & & \\ \hline & & Recordthereversalofencumbrancesfortheprogresstodateontheprojectandalsotheconstructionexpenditurefortheinvoicereceived. \\ \hline & Capital Projects Fund & & \\ \hline & & & \\ \hline & & & \\ \hline & & Governmental Activities & & 3 \\ \hline & & & 3 \\ \hline & & & 3 \\ \hline \end{tabular} j. The town paid Central Paving and Construction the amount it had billed, except for 3 percent that was withheld as a retained percentage per terms of the contract. k. Grant funds totaling $3,600,000 are received from the state historical society because eligible expenditures have been made. 1. At year-end, closing entries are made; in the capital projects fund, $3,300,000 of the fund balance is assigned, and the remainder is restricted. m. Record the 2024 budget for the Serial Debt Service Fund; $300,000 of earmarked sales taxes are expected to be collected in 2024; appropriations include a $400,000 principal payment on April 1 and two serial bond interest payments. n. Sales tax collections for debt service amounted to $400,000. \begin{tabular}{|l|l|l|l|l|l|l|} \hlinen & Debt Service fund & \\ \hline & & & \\ \hline & Capital Projects Fund & \\ \hline & & \\ \hline & & Governmental Activities & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} o. Central Paving and Construction submitted a final billing to the town for $3,300,000. Upon final inspection by the Public Works Department, a leak was discovered in the roof. \begin{tabular}{|l|l|l|l|} \hline 0 & Debt Service fund & Record the reversal of encumbrances for the progress to date on the project and also the construction \\ \hline & Capital Projects Fund & \\ \hline & & & \\ \hline & & \\ \hline & & \\ \hline & Governmental Activities & \\ \hline & & \\ \hline & & \\ \hline & \\ \hline \end{tabular} p. Public works employees installed a new sidewalk and landscaping at a total cost of $100,000. \begin{tabular}{|l|l|l|l|l|l|} \hline p & Debt Service fund & \\ \hline & & \\ \hline & Capital Projects Fund & \\ \hline & & \\ \hline & & \\ \hline & Governmental Activities & \\ \hline & & \\ \hline & & \\ \hline & & 3 \\ \hline \end{tabular} q. The roof leak was repaired satisfactorily, and the city paid the final billing and all retainages. r. The April 1 debt service payments are made. s. The renovation is considered complete, and appropriate amounts are reclassified as buildings and improvements other than buildings (i.e., landscaping)