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record the following transaction

Capital Projects Fund The voters of the Village of NWTC approved the issuance of tax-supported bonds in the face amount of $2,000,000, 20 year, 8% semiannual interest payments, on January 1 & July 1 for the construction of the new public safety building. Architects were to be retained, and construction was to be completed by outside contractors. In addition to the bond proceeds, a $500,000 grant was expected from the state government. .

1. The proceeds from the bonds were received.

2. The receivable from the state government was recorded.

3. Legal and engineering fees early in the project were paid in the amount of $100,000. This amount had not been encumbered.

4. A contract was signed with the architects in the amount of $200,000.

5. Bids were received and opened in public session. After considerable discussion the low bid from Hardhat Construction Company in the amount of $2,000,000 was accepted, and a contract was signed.

6. The contractor required partial payment of $500,000. Payment was approved and paid with the exception of a 5 percent retainage.

7. Cash in the full amount of the grant was received from the state government.

8. The contractor completed construction and requested payment of the balance due on the contract. After inspection of the work, the amount, including the past retainage, was paid.

9. The architects fees was approved for payment and paid.

10. The remaining cash was transferred to the Debt Service Fund.

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