Barton Village has $7,000,000 of 10-year, 6% bonds maturing on March 15, 20X7. To repay the bonds

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Barton Village has $7,000,000 of 10-year, 6% bonds maturing on March 15, 20X7. To repay the bonds and interest, the Village Council approved issuance of refunding bonds. Record the following:

1. The village issued $7,300,000 (face value) of refunding bonds at a premium of $180,000 and paid bond issue costs of $60,000.

2. The village paid principal ($7,000,000) and interest ($420,000) on the maturing bonds on March 15, 20X7.

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Governmental and Nonprofit Accounting

ISBN: 978-0132751261

10th edition

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

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Question Posted: Oct 25, 2014 04:57 AM

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Barton Village has $7,000,000 of 10-year, 6% bonds maturing on March 15, 20X7. To repay the bonds

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1 Cash 7420000 Expenditures x Bond Issue Costs 60000 O...View the full answer

Governmental and Nonprofit Accounting

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