Question: Capital Projects Fund 1. The Eagleton Capital Projects Fund issued $2,400,000 in 10%, 10 year serial bonds for $2,500,000. 2. The premium was transferred to

Capital Projects Fund

1. The Eagleton Capital Projects Fund issued $2,400,000 in 10%, 10 year serial bonds for $2,500,000.

2. The premium was transferred to the Debt Service Fund

3. A contract for $2,300,000 was signed with Offerman Woodshop Construction Company.

4. The General Fund transferred $200,000 to the Capital Projects Fund.

5. The first progress billing of $1,600,000 was received from Offerman Woodshop Construction Company.

6. The invoiced amount was vouchered, retaining 10% until the project is completed.

7. The vouchered amount was paid.

8. The Capital Projects Fund was closed as it is the end of the current fiscal year, the project will be finished next year. Record the closing entry

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