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A government issued $5,000,000 par of capital improvement bonds for a general government project. The bonds were issued at a discount of 1% of par.
A government issued $5,000,000 par of capital improvement bonds for a general government project. The bonds were issued at a discount of 1% of par.
The bond indenture requires that $200,000 of the proceeds be set aside for future debt service. What is the effect on any non fund account?
Increase in GCA $4,950,000
Increase in GLTL $5,000,000
Increase GCA $5,000,000
Increase in GLTL $4,950,000
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Accounting The Basis For Business Decisions
Authors: Robert F. Meigs, Walter B Meigs
5th Edition
007041551X, 9780070415515
