Prepare journal entries in the capital projects fund to reflect the following events and transactions:
a. The city approves (and gives accounting recognition to) the project’s budget of $9,027,000, of which $6,000,000 is to be funded by general obligation bonds, $2,500,000 from the state, and the remaining $527,000 from the general fund. The city estimates that construction costs will be $8,907,000 and bond issue costs $120,000. b. The city issues 9 percent, 15‐year bonds that have a face value of $6,000,000. The bonds are sold for $6,120,000, an amount reflecting a price of $102. The city incurs $115,000 in issue costs; hence, the net proceeds are $6,005,000. c. The city transfers the net premium of $5,000 to its debt service fund. d. It receives the anticipated $2,500,000 from the state and transfers $527,000 from the general fund. e. It signs an agreement with a contractor for $8,890,000. f. It pays the contractor $8,890,000 upon completion of the project. g. It transfers the remaining cash to the debt service fund.
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