On December 31, Calla Township paid a contractor $4 million for the total cost of a new police building built during the year. Financing was by means of a $3 million general obligation bond issue sold at face amount on December 31, with the remaining $1 million transferred from the general fund. What amount should Calla record as revenues in the capital projects fund in connection with the bond issue proceeds and the transfer?
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On December 31, Calla Township paid a contractor $4 million for the total cost of a new police build...
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