repare journal entries to record the following transactions in the capital projects fund and the government-wide financial statements (governmental activities). Please write "no entry" for any transactions that no journal entries is required. Please show your calculation where necessary. 1. A local government sold serial bonds in the amount of $120,000,000 to finance the construction of an administrative building. The bonds were sold at par on March 2. The annual interest rate is 5% with semiannual interest payments on March 1 and September 1. 2. Shortly thereafter a construction contract in the amount of $62,000,000 was signed and the contractor commenced work. 3. The government made an interest payment on Sep 1. 4. The contractor has billed the local government of $42,000,000 on Dec 31. 5. Prepare the adjusting entries if necessary. 6. Prepare closing entries if necessary.
Prepare
1. A local government sold serial bonds in the amount of $120,000,000 to finance the construction of an administrative building. The bonds were sold at par on March 2. The annual interest rate is 5% with semiannual interest payments on March 1 and September 1.
2. Shortly thereafter a construction contract in the amount of $62,000,000 was signed and the contractor commenced work.
3. The government made an interest payment on Sep 1.
4. The contractor has billed the local government of $42,000,000 on Dec 31.
5. Prepare the
6. Prepare closing entries if necessary.
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