Question: Construction bids for the Spruce Street Project were opened and evaluated. A bid in the amount of $1,500,000 was accepted, and the contract, bearing a

Construction bids for the Spruce Street Project were opened and evaluated. A bid in the amount of $1,500,000 was accepted, and the contract, bearing a 4 percent retention clause was signed in October 2014.

Required: Record this transaction in the Street Improvement Fund.

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