In $2017,$ Riverside began work on an outdoor amphitheater and concession stand at the city's park. It is to be financed by a $$4,200,000$ bond issue and supplemented by a $$570,000$ General Fund transfer. The following transactions occurred in $20171.$ The General Fund transferred $$570,000$ to the Park Building Capital Projects Fund.

$2.$ A contract was signed with Restin Construction Company for the major part of the project on a bid of $$3,400,000.$

$3.$ Preliminary planning and engineering costs of $$76,000$ were vouchered for the Great Pacific Engineering Company. $($This cost had not been encumbered.$)$

$4.$ A payable was recorded for an $$22,000$ billing from the Water and Sewer enterprise fund for the cost of extending water pipes to the new concession stand.

$5.$ An invoice in the amount of $$1,350,000$ was received from Restin for progress to date on the project.

$6.$ The $$4,200,000$ bonds were issued at par.

$7.$ The amount billed by the contractor $($see Transaction $5)$ less $5$ percent retainage was paid.

$8.$ Temporary investments were purchased at a cost of $$1,870,000.$

$9.$ Closing entries were prepared as of December $31,2017.$ Assume that $$2,850,000$ of the encumbrances outstanding will be paid from the bond proceeds and are therefore considered restricted resources.

Required

a$.$ Prepare journal entries to record the preceding information for the Park Building Capital Projects Fund.

$($Only give Journal entry answet to question $9)$