Fulbright County constructed a library in one of the county's high-growth areas. The construction was funded by a number of sour Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred wi 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 transaction/event, select "No Journal Entry Required" in the first account field.) Fund/ Governmental Activties General Journal 1. The county issued $6,700,000 of 6 percent bonds at par. Proceeds from the bonds were to be used for construction of the library. 1 Capital Projects Fund Transaction Governmental Activities 2. A $720,000 federal grant was received to help finance construction of the library. 2 Capital Projects Fund Governmental Activities 3. The Library Special Revenue Fund transferred $320,000 for use in construction of the library. Capital Projects Fund 3 Governmental Activities 4. A construction contract was awarded in the amount of $6,870,000. 4 Capital Projects Fund Governmental Activities Debit Cre 5. The library was completed four months ahead of schedule. Total construction expenditures for the library amounted to $7,726,500 and were settled with c When the project was completed, the cost of the library was allocated as follows: $235,000 to land, $6,330,000 to building, and the remainder to equipment.

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Theodore County uses a General Fund, a Special Revenue Fund, and an Enterprise Fund. The Special Revenue Fund is financed by a grant from the state to provide care for the elderly. The Enterprise Fund provides bus service both to the public and to government agencies. Prepare entries to record these transactions. Identify the funds involved in each case. a. The Enterprise Fund bills the Special Revenue Fund $15,000 for bus service provided to the elderly. b. The General Fund receives an electricity bill for $20,000 and prepares a voucher to pay the bill. The General Fund then bills the Special Revenue Fund for $3,000, representing the portion of the electricity bill applicable to the senior citizens building. C. The Enterprise Fund is short of cash to pay its bills. The General Fund lends the Enterprise Fund $50,000 in cash, which will be repaid before the end of the year. d. The General Fund pays cash of $100,000 to the Enterprise Fund as a subsidy to help meet the operating costs of…

The City of Grinders Switch maintains its books in a manner that facilitates the preparation of fund accounting statements and uses worksheet adjustments to prepare government-wide statements. 1. General fixed assets as of the beginning of the year, which had not been recorded, were as follows: Land Buildings Improvements Other Than Buildings Equipment Accumulated Depreciation, Capital Assets $ 7,700,000 33,398,400 14,839,400 11,569,000 25,333,000 2. During the year, expenditures for capital outlays amounted to $7,510,000. Of that amount, $4,806,400 was for buildings; the remainder was for improvements other than buildings. 3. The capital outlay expenditures outlined in (2) were completed at the end of the year (and will begin to be depreciated next year). For purposes of financial statement presentation, all capital assets are depreciated using the straight-line method, with no estimated salvage value. Estimated lives are as follows: buildings, 40 years; improvements other than…

Topic Please research an annual comprehensive financial report of any local municipality of your choice that had a general government capital construction project that was financed. Discuss the project and type of financing that the local government used, and opine on the other various financing options that the government could have used. In your opinion, did the local government use the most effective financing option? Why or why not? Note: Please provide a link to the referenced material used. This can be attached as a website link or a document (PDF/Word). Make sure to reference your source (using APA 7th edition).