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Will leave a thumbs up! 4. A construction contract...

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Accounting

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4. A construction contract was awarded in the amount of $6,960,000. \begin{tabular}{|l|l|l|l|} \hline 4 & Capital Projects Fund & & \\ \hline & & & \\ \hline & Governmental \\ \hline & Activities & & \\ \hline & & & \\ \hline \end{tabular} 5. The library was completed four months ahead of schedule. Total construction expenditures for the library amounted to $8,802,000. When the project was completed, the cost of the library was allocated as follows; $280,000 to land, $6,375,000 to building, and the remainder to equipment. \begin{tabular}{|c|c|c|} \hline 5a & Capital Projects Fund & Record the completion of construction of the library. \\ \hline II & & \\ \hline= & & \\ \hline & & \\ \hline 5b & & Record the payment upon completion of capital project. \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline 5c & \begin{tabular}{l} Governmental \\ Activities \\ \end{tabular} & Record the completign of construction of the library. \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline 5d & & Record the capitalization of each item. \\ \hline & & 7 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}

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