The Town of Drexel has the following financial transactions. Prepare the journal entries necessary for the preparation of government wide financials:

$1.$ The town council adopts an annual budget for the general fund estimating general revenues of $$1\mathrm{.}7$ million, approved expenditures of $$1\mathrm{.}5$ million, and approved transfers out of $$120,000.$

$2.$ The town levies property taxes of $$1\mathrm{.}3$ million. It expects to collect all but $3$ percent of these taxes during the year. Of the levied amount, $$40,000$ will be collected next year but after more than $60$ days.

$3.$ The town orders two new police cars at an approximate cost of $$110,000.$

$4.$ A transfer of $$50,000$ is made from the general fund to the debt service fund.

$5.$ The town pays a bond payable of $$40,000$ along with $$10,000$ of interest using the money previously set aside.

$6.$ The Town of Drexel issues a $$2$ million bond at face value in hopes of acquiring a building to convert into a high school.

$7.$ The two police cars are received with an invoice price of $$112,000.$ The voucher has been approved but not yet paid.

$8.$ The town purchases the building for the high school for $$2$ million in cash and immediately begins renovating it$.$

$9.$ Depreciation on the new police cars is computed as $$30,000$ for the period.

$10.$ The town borrows $$100,000$ on a $30-$day tax anticipation note.