Reference no: EM132930241
Question - In the year 2020, the Santa Crust County approved budgets to construct a $32 million Highway 103. The construction will be financed by tax-supported bonds in the amounts of $30 million, and tax revenues. Please record journal entries for the following transactions for the capital project fund:
1. The county has issued a long-term $100,000, 6% bond anticipation notes to cover the planning costs. The notes will be repaid when the bond is issued.
2. The county has incurred engineering costs in the amount of $60,000.
3. The county entered into a construction contract of $32 million for this project.
4. The county issued the $30 million, 20-year 5 percent bonds at 101.
5. The county paid off the bond anticipation notes that had been outstanding 180 days.
6. The county was billed $16 million by the contractor. The county paid the balance less 5% retainage.
7. At the end of the year 2020, close all temporary accounts. Assume all fund balances are restricted.
8. In the year 2021, the construction contractor continued to work on the Highway and completed it in June 2021. The county was billed $14 million.
9. The county paid off the full balance, including the retainage, following a final inspection.
10. Highway 103 can be capitalized after the completion of the project.
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