The City of McNeely sold bonds in the amount of $25,000,000 to finance the construction of a public health center. The bonds are serial bonds and were sold at par on January 1, the first day of a fiscal year. Shortly thereafter a construction contract in the amount of $22,000,000 was signed and the contractor commenced work. By year-end the contractor had been paid in full for all billings to date amounting to $12,000,000 Prepare, in general journal form, all journal entries that should have been made during the fiscal year ended December 31 to record the preceding information in the capital projects fund. Journal entry worksheet Journal entry worksheet 5 Record the inception of the construction contract. Note: Enter debits before credits. Journal entry worksheet Record the encumbrances outstanding on account of the construction contract. Note: Enter debits before credits. Journal entry worksheet 1 Record the construction expenditures. Note: Enter debits before credits. Journal entry worksheet Record the transfer of the balance in the fund balance account. Note: Enter debits before credits