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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

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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. n. Sales tax collections for debt service amounted to $250,000. o. Central Paving and Construction submitted a final billing to the town for $2,000,000. Upon final inspection by the Public Works Department, a leak was discovered in the roof. p. Public works employees installed a new sidewalk and landscaping at a total cost of $130,000

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