(Governmental Accounting for the United States)

6. Yarrow County engaged in the following debt-related transactions during the year. Provide the necessary journal entries to record the transactions in the governmental and government-wide statements. a. The county entered into a 3-year lease agreement for construction equipment agreeing to make annual payments of $100,000 (beg of year). Based on interest rate of 4% the present value of the liability is $196,154. Provide the entry at the inception of the lease. Governmental - Government-Wide- b. Provide the entry when the county makes the first annual lease payment. Governmental- Government-Wide- C. The county issued $3 million in 6 percent demand bonds for which it did not enter into a take-out agreement. Governmental - Government-Wide - 6. Yarrow County engaged in the following debt-related transactions during the year. Provide the necessary journal entries to record the transactions in the governmental and government-wide statements. a. The county entered into a 3-year lease agreement for construction equipment agreeing to make annual payments of $100,000 (beg of year). Based on interest rate of 4% the present value of the liability is $196,154. Provide the entry at the inception of the lease. Governmental - Government-Wide- b. Provide the entry when the county makes the first annual lease payment. Governmental- Government-Wide- C. The county issued $3 million in 6 percent demand bonds for which it did not enter into a take-out agreement. Governmental - Government-Wide