1. This year Southfork began work on a senior center to hold activities for its growing senior citizen population. It is to be financed by a $6,200,000 bond issue, a $620,000 grant, and a $620,000 General Fund transfer. The following transactions occurred during the current year:
2. The General Fund transferred $620,000 to the Senior Center Capital Projects Fund.
3. A plot of land was purchased for $460,000 in cash. (This cost had not been encumbered.)
4. Preliminary planning and engineering costs of $107,000 were vouchered. (This cost had not been encumbered.)
5. A contract was signed with Sunset Construction Company for the major part of the project on a bid of $6,150,000.
6. The $6,200,000 bonds were issued at par.
7. Temporary investments were purchased at a cost of $3,620,000.
8. A payable was recorded for a $62,700 billing from the Water and Sewer enterprise fund for the cost of extending water pipes to the new building. (This cost had not been encumbered.)
9. An invoice in the amount of $2,632,000 was received from Sunset Construction Company for progress to date on the project.
10. The amount billed by the contractor less 5 percent retainage was paid.
11. Half of the planning and engineering costs and $37,000 of the water and sewer billing were paid.
12. Grant revenue of $220,000 was received in cash for construction expenditures that were considered allowable costs in accordance with the grant agreement.
13. Closing entries were prepared as of year-end. Assume that $2,620,000 of the encumbrances outstanding will be paid from the bond proceeds and are therefore considered restricted resources. The remaining fund balance is assigned

Record the purchased of a Plot of land for $460,000 in cash

Record the payment of half of planning and engineering costs and $37,000 of the water and sewer billing

Record the receipt of Grant revenue of $220,000 for construction expenditures in line with the grant agreement

Record the closing entries as of year end assuming that $2,620,000 of the encumbrances outstanding will be paid