The City of Fargo, North Dakota authorized construction of a new levee to control flooding, on February 1, 2020. The $16,000,000 project will be financed by a bond issue to be sold in March 2020. The citys fiscal year ends June 30. The following events occurred in fiscal 2020:

February 10:	The general fund advanced $500,000 to the capital projects fund to finance initial projectplanning.
March 1:	$350,000 was paid for initial planning.
March 15:	The bonds were issued at 101.The excess cash received was remitted to the debt service fund. The advance from the general fund was paid.
March 20:	The contract was awarded for $15,200,000.
June 10:	The contractors submitted bills for $2,400,000.The city applied its 10% retainage policy, and paid the net amount owed.

Assume all capital projects resources are restricted.