Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During the fiscal year ended December 3 1 , 2 0 2 4 , the City of Johnstown issued 5 % general obligation serial bonds

During the fiscal year ended December 31,2024, the City of Johnstown issued 5% general obligation serial bonds in the amount of $2,000,000 at 102($2,040,000) and used $1,990,000 of the proceeds to construct a fire station. The $40,000 premium was transferred to a debt service fund. The $10,000 left in the capital projects fund at the end of the project was later transferred to the debt service fund. The bonds were dated April 1,2024 and paid interest on October 1 and April 1. The first of 10 equal annual principal payments was due on April 1,2025.
The amount of capital outlay expenditures reported by the capital projects fund would be:
$1,990,000.
$2,010,000.
$2,030,000.
$2,000,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Basic Accounting Auditing Concepts Internal Auditing And Guiding

Authors: Bertram Bessette

1st Edition

B09PMFWVSJ, 979-8796265253

More Books

Students also viewed these Accounting questions

Question

Explain the usefulness of Gantt charts to a manager.

Answered: 1 week ago