Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions