Aslan County purchased $3,000,000 of bonds as a General Fund investment on March 1, 20X7, for $3,060,000
Question:
Aslan County purchased $3,000,000 of bonds as a General Fund investment on March 1, 20X7, for $3,060,000 plus four months accrued interest of $80,000. The bonds mature in four years and two months.
1. The county received the semiannual interest payment on the bonds ($120,000) on April 30, 20X7.
2. The county received the October 31 semiannual interest payment ($120,000).
3. On December 31, the end of Aslan’s fiscal year, the fair value of its bond investment was $3,065,000 (excluding accrued interest).
Required
(a) Record these transactions in the General Ledger accounts of the Aslan County General Fund.
(b) Compute the investment income that should be reported for this investment.
Step by Step Answer:
Aslan County General Fund General Journal Accounts Dr Cr a Investments 3060000 Accrued I...View the full answer
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
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