1.Based on the below transaction, what is the credit amount of construction expenditures after transaction 4 Capital Projects Fund:

1. A capital projects fund issued $5,000,000, 4 percent bonds for $5,050,000 to finance improvements of a park. Premiums received are to be used to service the debt issue.

2. The Parks and Recreation Special Revenue Fund transferred $250,000 for use in construction.

3. A construction contract was awarded in the amount of $5,200,000.

4. A bill was received from the contractor for $2,600,000.

5. The contractor's bill is paid, and 5% retainage is withheld.

6. The park renovations were completed and the final bill of $2,600,000 was received. The contractor's bill and retainages are approved for payment in full. Total construction expenditures were allocated as follows: $5,000,000 to building, and the remainder to equipment