During FY 2020, the voters of Surprise County approved construction of a $23 million police faclity and an $13 million ire station to accommodate the county's population growth. The construction wil be financed by tax-supported bond:s in the amount of $34 million, a $1 million economic stimulus grant, and a portion of future use tax revenues. During 2020, the following events and transactions occurred. Required a. Prepare journal entries to record the the following transactions in a single Surprise County Construction Fund and governmental activities general journal at the government-wide level. (If no entry is required for a transaction event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollar amounts and not in millions.) General Journal Debit Credit 1. Issued $140,000 of 8 percent bond anticipation notes to cover preliminary planning and engineering Assume this note will be when the bond is issued and thus can be Construction Fund Activites Architecture and engineering costs in the amount of S64,000 were vouchered for the projects. between the two Construction Fund Entered into a construction contract for was related to the fire station. 3 million was for the police facility and $13 milion Construction Fund Activites 4. Issued the $34 million, 20-year 5 percent bonds at 101. (Assume that the premium is directly deposited in the debt service fund Construction Fund Activites During FY 2020, the voters of Surprise County approved construction of a $23 million police faclity and an $13 million ire station to accommodate the county's population growth. The construction wil be financed by tax-supported bond:s in the amount of $34 million, a $1 million economic stimulus grant, and a portion of future use tax revenues. During 2020, the following events and transactions occurred. Required a. Prepare journal entries to record the the following transactions in a single Surprise County Construction Fund and governmental activities general journal at the government-wide level. (If no entry is required for a transaction event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollar amounts and not in millions.) General Journal Debit Credit 1. Issued $140,000 of 8 percent bond anticipation notes to cover preliminary planning and engineering Assume this note will be when the bond is issued and thus can be Construction Fund Activites Architecture and engineering costs in the amount of S64,000 were vouchered for the projects. between the two Construction Fund Entered into a construction contract for was related to the fire station. 3 million was for the police facility and $13 milion Construction Fund Activites 4. Issued the $34 million, 20-year 5 percent bonds at 101. (Assume that the premium is directly deposited in the debt service fund Construction Fund Activites
