Special assessments levy, capital projects fund. In 20X8, the town of Waterview authorized the construction of two concrete roadways. The public works depart- ment estimates the project cost at $400,000, $40,000 of which is transferred from the general fund to the capital projects fund. The balance will be paid for through a special assessments levy on bene?ting property owners. On January 1, 20X8, $360,000, 4-year, 10% special assessment bonds are issued at face value to ?nance the property owners' portion. Payments of $45,000 plus interest are made each June 30 and December 31. The bonds were issued. The town guar- antees payment of the debt.
Purchase orders totaling $80,000 are issued, and a contract is signed for the estimated $320,000 additional cost of the project. Invoices for all purchase orders total $74,000. The actual contract cost is $325,000. Liabilities for these amounts are entered. Except for $30,000 withheld on the contract until ?nal approval, all liabilities related to the completed construction are paid. Waterview does not use budgetary accounts for these projects. Prepare entries in the capital projects fund for these events.