Exercise $6-26($Static$)$ Comprehensive Capital Assets$/$Serial Bond Problem $[$LO $6-2,$ LO $6-5]$

Residents from the Town of Mountain View authorized a $$5,000,000$ renovation to their historic town hall on November $15,2022.$ Financing for the project consists of $$2,500,000$ from a $5$ percent serial bond issue, $$1,500,000$ from a state grant, and $$1,000,000$ from the General Fund. Debt service for the serial bonds will be provided by a one$-$quarter$-$cent city sales tax imposed on every dollar of sales in the city. You may ignore entries in the General Fund. The town has a calendar year$-$end.

Required

Prepare journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental activities at the government$-$wide level. $($Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$