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Residents from the Town of Mountain View authorized a $7,300,000 renovation to their historic town hall on November 15, 2019. Financing for the project consists
Residents from the Town of Mountain View authorized a $7,300,000 renovation to their historic town hall on November 15, 2019. Financing for the project consists of $2,800,000 from a 6 percent serial bond issue, $2,400,000 from a state grant, and $2,100,000 from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dollar of sales in the city. 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 transactionievent, select "No Journal Entry Required" in the first account field.) a. Record the 2020 budget for the Serial Debt Service Fund. Sales taxes of S390,000 are expected to be collected in 2020; the to be six months of interest on the serial bond. a Debt Service Capital Projects Fund Activites town transfers $2,100,000 from the General Fund to a s fund. b Debt Service fund Capital Projects Fund C. Planning and architect's fees for the town hall renovation are paid in the amount of 20,000 c Debt Service fund Capital Projects Fund Activites
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