The town of Drummond raised the necessary financing and constructed a new park complex during its fiscal year ending December $31,2024.$ It incurred the following transactions in the process:

$($a$)$ The budget for the construction of a new facility called for an estimated cost of $$250,000$ with $$150,000$ coming from a bond issue and $$100,000$ from a capital grant from the state. The city requires budgets in its capital projects fund.

$($b$)1/1/24$: $15-$year $5\%$ General Obligation Serial Bonds with a face value of $$150,000$ were issued at $101.$ Interest payments are made on June $30$ and December $31$ of each year. The bond also calls for a principal payment of $$10,000$ payable each December $31$ starting on December $31,2024.$ The premium was directly entered into the fund required to repay bond interest and principal.

$($c$)3/1/24$: A contract is signed for construction of the new complex in the amount of $ $250,000.$

$($d$)6/29/24$: $$2,500$ is transferred from the general fund for the June $30$ interest payment due on the bonds issued for the complex.

$($e$)6/30/24$: Interest was paid on the serial bonds. The city uses the straight line method to amortize bond premiums where applicable.

$($f$)10/1/24$: Received the $$100,000$ capital grant from the state.

$($g$)12/1/24$: Receive an invoice for completion of the complex. The total amount was $$245,000.$ The new facility was inspected and the amount was paid in full.

$($h$)12/27/24$: $$15,000$ was transferred from the general fund for the $12/31/24$ interest and principal payment.

$($i$)12/31/24$: Interest and principal are paid on the serial bonds. The city uses the straight line method to amortize bond premiums where applicable.

$($j$)12/31/24$: Closing entries were made in both the capital projects fund and the debt service fund