?Exercise $5-22($Algo$)$ ?Recording Capital Projects Fund Transactions $[$LO $5-4]$

Fulbright County constructed a library in one of the county's high$-$growth areas. The construction was funded by a number of sources.

Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within

the current fiscal year. The county operates on a calendar$-$year basis.

Required

Prepare a journal entry for capital projects fund and governmental activities at the government$-$wide level. $($If no entry is required for a

ransaction$/$event$,$ ?select $"$No Journal Entry Required" in the first account field.$)$

The Library Special Revenue Fund transferred $$380,000$ ?for use in construction of the library.

The lbrary was completed four months ahead of schedule. Total construction expenditures for the library amounted to $$8,443,500$ ?and were settled with cash,

When the project was completed, the cost of the library was alocated as follows: $$265,000$ ?to land, $$6,360,000$ ?to building, and the remainder to equipment.