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Record both budgetary and actual journal entries for the capital projects fund. No closing entries are required. (show calculations)

1. The county issues $5,000,000 of 5%, 9 month bond anticipation notes on July 1, 20x7 to allow the county to begin immediate construction on a new baseball complex. The bonds are legally authorized and definitely issuable. All steps have been taken to refinance the BAN and the county will refinance the BAN on a long-term basis. 2. The county receives a federal grant of $500,000 to fund the construction of a playground to accommodate children with special needs. 3. The county signs a construction contract with K Enterprise for the construction. The contract specifies that construction costs will not exceed $5,025,000. 4. The county orders playground equipment in the amount of $420,000. 5. K Enterprise bills the county $3,200,000 for work completed by the end of fiscal year 20x7. The county paid the amount billed less a 4% retainage to be remitted upon completion of the project. 20x8 6. On January 1, the county issues $5,500,000 par value bonds at 101. Bond issue costs are $55,000. 7. K Enterprise bills the county $1,000,000 for work completed in the 1st quarter. The county again paid the amount billed less a 4% retainage. 8. Salaries of $25,000 are paid to the crews working on the special needs playground. 9. The county orders signage and ground covering for the special needs playground. Estimated costs is $45,000. 10. The county receives the playground equipment order in 20x7. Actual cost is $425,000. 11. The county receives the signage for the special needs playground. Actual cost is $40,500. 12. The bond anticipation notes and interest are paid at maturity. 13. K Enterprise submitted its final bill for $825,000. The complex was approved by the county, and K Enterprise was paid in full. 14. The remaining unearned portion of the grant money was refunded to the grantor. 15. The remaining cash was transferred to the debt service fund.

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