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23 Aug

major capital improvement project | Good Grade Guarantee!

Record the followingtransactions in the table below:
1. The city approved amajor capital improvement project to construct a recreational facility. Theproject will be financed by a bond issue of $1,500,000, transfers from theGeneral Fund of $500,000, and a contribution from the county of $300,000.Record the budget assuming these amounts, along with an equal appropriation forthe project, were adopted for 20X4.
2. The city receivedthe county’s contribution of $300,000. These resources are required to be usedfor the construction project. The grant is expenditure-driven. The city’spolicies indicate that resources restricted for a given purpose are consideredexpended prior to any unrestricted resources available for that purpose.
3. The citytransferred $200,000 from the General Fund to the Parks and Recreation CapitalProjects Fund.
4. The city issuedbonds with a face (par) value of $1,500,000 at a premium of $50,000 on January1. Bond issue costs of $15,000 were incurred. Interest of 8% per year and$100,000 of principal are due each December 31.
5. The city signed a$2,190,000 contract for construction of the new recreational facility. Theprocess to establish the contract qualifies as a commitment under the city’scommitments policy.
6. The city purchasedland as the site for the facility at a cost of $110,000. Payment was made forthe land.
7. The contractorbilled the city $1,200,000. The city paid all but a 5% retainage.
8. The outstandingencumbrances were closed (use the transactions columns for this entry).
9. The budgetary accountswere closed at year end. Appropriations do not lapse at year end. Close thebudgetary accounts in the transactions columns.


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