E7-3(Bond Anticipation Notes) Record the following transactions (both budgetary and actual entries) in the General Ledger of a CPF of Santiago County. Reflect all required accruals.

1. The county issues 3,000,000 of 5%, 9-month bond anticipation notes at midyear to allow it to begin construction of a new library addition. The bond anticipation notes meet the criteria for treatment as long-term liabilities.

2. The county signs a contract for construction of the library addition for 3,000,000.

3. The contractor billed the county 2,000,000 for work completed by the end of the fiscal year.

4. The bonds, which have a par value of 10,000,000, were issued at 101, net of issue costs of 90,000.

5. The bond anticipation notes and interest were paid at maturity.

Long-Term Capital for Library...