Tiger Township entered into the following transactions during 2005.

1. The township authorized a bond issue of $11 million for the construction of a pedestrian walkway as part of a downtown revitalization project. An additional $1 million of general revenues is to be used for the project. The authorization was recorded in the appropriate fund.

2. One million dollars of general revenues were paid to the construction fund from the General Fund.

3. The bonds were issued at 101. The premium was transferred to the fund from which the debt is to be serviced.

4. The township entered into a contract with Cooper Construction Company for construction of the walkway at an estimated cost of $10,350,000.

5. An engineering design firm was paid $174,000 for design work on the project.

6. A bill for $4,200,000 was received from Cooper Construction Company for work completed on the walkway to date. All but a 5% retainage was paid.

7. The accounts were closed at year end.

8. The walkway project was completed in 2006. Cooper Construction billed the township the remaining $6,150,000 due on the project. The township approved the project and paid Cooper in full.

9. The unused resources of the construction fund were set aside for debt service on the bonds. Accordingly, those resources were paid to the appropriate fund.

Prepare the journal entries required in the Capital Projects Fund to account for the above transactions. Prepare closing entries.