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Fulbright County constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 3. The Library Special Revenue Fund transferred $260,000 for use in construction of the fibrary. 4. A construction contract was awardod in the amount of $6,810,000. 5. The library was completed four months ahead of schodule. Total construction expenditures for the Abrary amounted to $7,009,500 and were seltled with When the project was completed, the cost of the library was allocated as follows: $205,000 to land, $6,300,000 to building, and the remainder to equipmont \begin{tabular}{|c|c|c|} \hline 5a & Capital Projects Fund & Record the completion of construction of the fibrary. \\ \hline & & \\ \hline & & \\ \hline 50 & & Record the payment upon completion of capital peoject. \\ \hline & & \\ \hline & & \\ \hline 5c & Covernmental Activities & Record the completion of construction of the library \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline 5c & Governmental Activities & Record the completion of construction of the library. \\ \hline & & +1 \\ \hline & & \\ \hline & & \\ \hline & & Record the capitalization of each ifem. \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} 6. The capitat projects fund temporary accounts were closed to Fund Batanco-Restrictod. The rosources aro restricted bocause they wero obtainod from bonded debt issued exclusively for library construction. The capital projects fund was closed by transferring remaining funds fo the debt service fund for ust library construction debt repayment. 6. The capital projects fund temporary accounts were closed to Fund Balance-Restricted. The resources are restricted because they were obtained from bonded debt issued exclusively for library construction. The capital projects fund was closed by transferring remaining funds to the debt service fund for us. library construction debt repayment

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