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Archambault Township authorized a bond issue for a parking garage with an estimated cost of...

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Accounting

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Archambault Township authorized a bond issue for a parking garage with an estimated cost of 54.000.000 The garage would be financed through a $2,500,000 bond issue and a $1,500,000 contribution from the General Fund. The General Fund made its contribution, and the bonds were sold for $2.700,000, which included a $200.000 premium over the face amount of the bonds, Prepare Journal entries to record (1) the budget for the parking garage. (2) the payment and recelpe of the General Funds contribution, and the issuance of the borde assuming the premium remained in the Capital Projects Fund. Account Dehlt Credit Capital Profund 1 0 5 General Fund 0 0 Captal Projects und 0 2b 0 > Capital Projects.fund 3) ooo ODO

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