7. On December 31, 2019, Lilly Village paid a contractor $3,500,000 for the total cost of a new Village Hall built in 2019 on Lilly-owned land. Financing for the capital project was provided by a...

7. On December 31, 2019, Lilly Village paid a contractor $3,500,000 for the total cost of a new Village Hall built in 2019 on Lilly-owned land. Financing for the capital project was provided by a $2,000,000 general obligation bond issue sold at face amount on December 31, 2019, with the remaining $1,500,000 transferred from the general fund. What account and amount should be reported in Lilly’s 2019 fund financial statements for the general fund?