You are a Hometown accountant. The Capital Project Fund has just been created to account for resources received and expended for the construction of a new Health Center. Funding for the Health Center is being provided by a $5,000,000 General Obligation Bond sale, a direct transfer from the General Fund, and a Federal Grant. The grant terms provide that the Federal Government will pay only up to 20% of all project expenditures incurred; unused funds must be returned at the completion of the project.

Hometowns Council has adopted the following project budget.
$ 3,000,000 General Fund Operating Transfer
5,000,000 General Obligation Bonds
2,000,000 Estimated Federal Grant
10,000,000 Appropriations

1. Record The adoption of the Capital Projects Fund budget.

2. Record the signing of the project contracts for all planned appropriations.

3. The General Fund transfered $3,000,000 in cash to Capital Projects Fund. An advance on the Federal grant was received for the full estimated grant amount. Record the related journal entry(-ies).

4. $5,100,000 was received in proceeds on the sale of the $5,000,000 Project Bond. The Debt Service Fund will manage the Bond Payments. Record the related journal entry(-ies).

5. Final contracted construction and architect bills totaling $9,750,000 were approved and vouchered, less a 5% retention holdback on the construction bills, which will be paid when the project passes final detail inspection. Record the related journal entry(-ies).

6. The new Health Center has passed its last detailed inspection and approval has been received to pay all remaining amounts owed the contractor (payables and retention). Record the journal entry for the payments.

7. You transferred any unused bond proceeds to the Debt Service Fund and returned unused grant dollars to the Federal government. Record the related journal entry(-ies).

8. Prepare closing entries for the Capital Projects Fund.

9. Create Statement of Revenues, Expenditures, and Changes in Fund Balance
For the Year Ended December 31, 2012 for the Capital Projects Fund

10. Create Statement of Revenues, Expenditures, and Changes in Fund Balance
For the Year Ended December 31, 2012 for the Debt Service Funds.