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. The following information pertains to activities for the construction of an office building (the...

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Accounting

. The following information pertains to activities for the construction of an office building (the project hereafter) in capital project fund (CPF) of SB city during the fiscal year 2017 ending on 12/31/2017.

CPF signed a contract for the construction of the new office building with a local construction company in the amount of $5,000,000.

CPF paid the amount due to the construction company except for a 5% retained percentage.

Prepare any necessary journal entries for the above transactions for respective fund statements and government wide financial statements.

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