The City of Little River had the following transactions related to the construction of a new courthouse:
Required:
Prepare the journal entries required in both the capital-projects fund and the debt-service fund
The City of Little River had the following transactions related to the construction of a new...
The City of Little River had the following transactions related to the construction of a new courthouse: January 2, 2017: 20-year, 6%, general-obligation serial bonds with a face value of $2,000,000 are issued at 101. Interest payments are made on January 1 and July 1 of each year. The premium was transferred into the debt-service fund. The general fund will fully fund each payment as it becomes due. March 1, 2017: Land is purchased for a new park at a...
The City of Shelby had the following transactions related to the construction of a new courthouse. (a) 1/2/2018: 20 year 5% General Obligation Serial Bonds with a face value of $6,000,000 are issued at 102. Interest and principal payments are made on Jan. 1 and July 1 of each year. The premium was transferred into the Debt Service Fund. The General Fund will fully fund each payment as they become due. (b) 3/1/2018: Land is purchased for a new courthouse...
2. The City of Shelby had the following transactions related to the construction of a new courthouse. (a) 1/2/2018: 20 year 5% General Obligation Serial Bonds with a face value of $6,000,000 are issued at 102. Interest and principal payments are made on Jan. 1 and July 1 of each year. The premium was transferred into the Debt Service Fund. The General Fund will fully fund each payment as they become due (b) 3/1/2018: Land is purchased for a new...
Scenario A: Budgeted and Actual Debt Service Transactions Rainbow City is authorized to issue $10,000,000 4% regular serial bonds in 20X0 for the construction of a new police station. The bonds mature in equal annual amounts beginning on January 1, 20X1, for 10 years and pay interest on January 1 and July 1. The funds to pay the interest will be transferred from the General Fund. The city’s fiscal year is December 31. Required: Prepare the budgetary entries for 20X0...
Scenario A: Budgeted and Actual Debt Service Transactions Rainbow City is authorized to issue $10,000,000 4% regular serial bonds in 20x0 for the construction of a new police station. The bonds mature in equal annual amounts beginning on January 1, 20X1, for 10 years and pay interest on January 1 and July 1. The funds to pay the interest will be transferred from the General Fund. The city’s fiscal year is December 31. Required: Prepare the budgetary entries for 20X0...
The City of Mountain View had the following transactions during the year, none of which have been recorded yet. Some of the transactions affect governmental activities. Mountain View issued $6 million worth of serial bonds at 98 plus accrued interest in the amount of $50,000. The premium and accrued interest were recorded in the Debt Service Fund. Accrued interest on bond sold must be used for interest payments. The city's General Fund collected and transferred $650,000 in tax collections to...
new project analysis you must evaluate proposal to buy new bu Question 25 (12 points) On January 1, 2017, the City of Portland issued $5,000,000 of 4% tax supported bonds. The bonds are dated January 1, 2017 with interest payment dates of June 30 and December 31. The first of 10 annual principal payments is due on December 31, 2017. The bonds were sold at a $48,000 premium that was transferred to the Debt Service Fund on January 1 from...
6-18. Long-Term Liability Transactions. (LO6-5) Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet. 1. The General Fund collected and transferred S750,000 in tax collections to the debt service fund: S600,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. 2. A S5,000,000...
The City of Spartan's fiscal year ends on December 31. On October 1, 2017, the city issued $1,000,000 of 6%, 10-year term bonds with semi-annual interest payments due on March 1 and October 1 each year, beginning on April 1, 2018. What amount of expenditures should the city recognize in its debt service fund for the years 2017 and 2018?
As of the fiscal year ending December 31, 2014, Crystal Beach had $10,000,000 in 6 percent serial bonds outstanding. The serial bonds pay interest semiannually on April 1 and October 1, with $500,000 in bonds being retired each April 1. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes annually to cover principal payments. Any excess is reserved for future debt service payments. Prepare debt service fundand governmental activitiesentries in...