Question: It is all one big problem. thank you so much! what do you need? everything is there. This year Riverside began work on an outdoor

 It is all one big problem. thank you so much! what
do you need? everything is there. This year Riverside began work on
an outdoor amphitheater and concession stand at the city's park. It is
It is all one big problem. thank you so much!
what do you need? everything is there.

This year Riverside began work on an outdoor amphitheater and concession stand at the city's park. It is to be financed by a $3,800,000 bond issue and supplemented by a $530,000 General Fund transfer. The following transactions occurred during the current year: 1. The General Fund transferred $530,000 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 $3,000,000. 3. Preliminary planning and engineering costs of $72,000 were vouchered for the Great Pacific Engineering Company. (This cost had not been encumbered.) 4. A payable was recorded for an $20,000 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 $1,150,000 was received from Restin for progress to date on the project. 6. The $3,800,000 bonds were issued at par. 7. The amount billed by the contractor (see Transaction 5) less 5 percent retained was paid. 8. Temporary investments were purchased at a cost of $1,830,000. 9. Closing entries were prepared as of year-end. Assume that $2,650,000 of the encumbrances outstanding will be paid from the bond proceeds and are therefore considered restricted resources. The remaining fund balance is assigned. Required a. Prepare journal entries to record the preceding information for the Park Building Capital Projects Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Required a. Prepare journal entries to record the preceding information for the Park Building Capital Projects Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet C D E A B F G H 1 > The General Fund transferred $530,000 to the Park Building Capital Projects Fund. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal

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