The voters of the City of Monroe approved the issuance of tax-supported bonds in the face amount of $4,000,000 for the construction and equipping of a new City Jail. Architects were to be retained, and construction was to be completed by outside contractors. In addition to the bond proceeds, a $1,320,00 grant was expected from the state govermment Required a. Open a general journal for the City Jail Annex Construction Fund. Record the following transactions and post to the general ledger. Control accounts are not necessary (1) On January 1, 2015, the total face amount of bonds bearing an interest rate of 8 percent was sold at a $200,00 premium. Principal amounts of $200,000 each will come due annually over a 20-year period commencing January 1, 2016 Interest payment dates are July I and January 1. The first interest payment wil be July 1, 2015. The premium was transferred to the City Jail Debt Service Fund for the future payment of principal on the bonds. (2) The receivable from the state government was recorded (3) Legal and engineering fees early in the project were paid in the amount of $116,000. This amount had not been encumbered (4) Architects were engaged at a fee of $250,000 (5) Preliminary plans were approved, athee paid 20 percent of the fee. The complete plans and specifications were received from the architects and roved. A liability in the amount of $150,000 to the architects was approved app and paid. ailds were received and opened in public session. After considerable discussion n City Council, the low bid from Hardhat Construction Company in the amount of $4,500,000 was accepted, and a contract was signed. Payment was approved and vouchered with the exception of a 5 percent retainage. 9) Cash in the full amount of the grant was received from the state government. (10) Furniture and equipment for (I1) Payment was made to the contractor for the amount payable (see 8 above). (12) The contractor completed construction and requested payment of the balance due on the contract. After inspection of the work, the amount, including the past retainage, was approved for payment and then paid. $439,300. Invoices were approved for payment. 489,300) on December 31, 2015 (13)The funiture and equipment were received at a total actual installed cost of (14) The remainder of the architects' fees was approved for payment. (15) The City Jail Construction Fund paid all outstanding accounts payables (S (16) The remaining cash was transferred to the City Jail Debt Service Fund