Residents of the town of Sunny View, Arizona authorized a $5,000,000 renovation to their historic town hall on November 15,2022 . Financing for the project consists of $2,500,000 from a 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 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. Required: Prepare all necessary 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. You may ignore entries in the General Fund. The town has a calendar year-end. h. Sales tax earmarked for the debt service of $350,000 were collected. i. Central Paving and Construction submitted a progress billing to the town for $2,500,000. The city's public works inspector agrees that all milestones have been met for this portion of the work. j. The town paid Central Paving and Construction the amount it had billed, except for 5 percent that was withheld as a retained percentage per terms of the contract