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1. The county issued $7,900,000, 6 percent bonds, with interestpayable semiannually on June 30 and December 31. The bonds solldfor 101 on july 30, 2016. Proceeds from the bonds were to be usedfor construction of the library, with all interest and premiumsreceived to be used to service the debt issue. Assume the premiumand interest are recorded directly in the debt service fund.
Capital Project fund: Government Activities: 3. The library special revenue fund transferred $440,000 for usein construction of the library. Capital Project fund: Government Activities: 4. A construction contract was awarded in the amount of$6,990,000 Capital Project fund: Government Activities: 5. The library was completed on June 1, 2017, four months aheadof schedule. Total construction expenditures for the libraryamounted to $9,160,500. When the project was completed, the cost ofthe library was allocated as follows. $295,000 to land, $6,390,000to building to building, and the remainder to equipment. 5a. Capital projects fund: Record the completion of constructionof the library 5b. Capital projects fund: Record the payment upon completion ofcapital project. 5c. Govermenatal activities: Record the completion ofconstruction of the library 5d Governmental activities: Record the capitalization of eachitem. 6. The capital projects fund temporary accounts were closed tofund balance-- restricted. The resources are restricted becausethey were obtained from bonded debt issued exclusively for libraryconstruction. The capital projects fund were closed by transferringremainin funds to the debt service fund for use in libraryconstruction debt repayment. 6a Capital Project fund: close the completion of construction ofthe library 6b Capital project fund: Record the transfer to the debt servicefund. 6c Capital project fund: Close the remaining temporary accountto Fund Balance- restricted. 6d. Governmental activities: These are my options No Journal Entry Required Accumulated Depreciation Appropriations Bonds Payable Budgetary Fund Balance Buildings Cash Construction Expenditures Construction Work in Progress Encumbrances Encumbrances Outstanding Estimated Revenues Expenditures Expenses—General Government Expenses—Public Safety Fund Balance—Assigned Fund Balance—Restricted Fund Balance—Unassigned Gain on Sale of Machinery Interest Expenditures Interest Payable Interfund Transfers Out Land Loss on Sale of Machinery Machinery and Equipment Other Financing Sources—Interfund Transfers In Other Financing Sources—Proceeds of Bonds Other Financing Uses Premium on Bonds Payable Proceeds of Bonds Program Revenues—Culture and Recreation—Capital Grants andContributions Program Revenues—Public Safety Revenues Vouchers Payable | 
