Problem

A city issues five-year bonds payable to finance construction of a new school. What record...

A city issues five-year bonds payable to finance construction of a new school. What recording should be made?

a. Report the liability in the government-wide financial statements; show an other financing source in the fund financial statements.

b. Report a liability in the government-wide financial statements and in the fund financial statements.

c. Show an other financing source in the government-wide financial statements and in the fund financial statements.

d. Show an other financing source in the government-wide financial statements; report a liability in the fund financial statements.

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