Your city has decided to build a new library

 Your city has decided to build a new library. The projected cost is $2  million. A bond issue for $1.2 million has been authorized, and the  remainder is supposed to come from a contribution of $800,000 from the  general fund. The bonds sold for $1.3 million, a premium of $100,000.  Create the required journal entries for the following transactions:
•The budget for the library
•The payment and receipt of funds from the general fund
•The issuance of the bonds ◦Assume that the premium remained in the capital projects fund.
◦Identify all of the funds required for these entries.
◦Discuss how the bond premium could be disposed. 

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