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I need help with the fourth journal entry and letter C. Required Information The following information applies to the questions displayed below.j Residents of Green
I need help with the fourth journal entry and letter C.
Required Information The following information applies to the questions displayed below.j Residents of Green Acres, a gsted community locsted in the City of Foothills, voted to form a locsl improvement district to fund the construction of a neighborhood park. The city agreed to administer the bonded debt; however, residents of Green Acres are solely responsible for repasying the bond issue. The following events sre relsted to the special assessment park debt for the current fiscal yesr. 1. On January 1, the city assessed levies totaling $6,900,000 on properties within Green Acres. The levies are paysble in 10 equal annual installments due at the end of the fiscal yesr, beginning in the current year, with 4 percent interest due on unpsid instsllments. 2 All assessments associsted with the current yesr's installiment were collected by December 31, as was the interest due on the unpaid installments. A portion of assessments receivable equal to next year's installment of $690,000 wss reclassified as current. 3. On December 31, the first principal payment of $690,000 wss made to bondholders, as was interest on the debt 4. Alldditions and deductions were recorded by the custodial fund. Assume thot all additions and deductions can be aggregated becouse resources are held less than three months. b. Prepare journal entries for each of the foregoing events for the city. (If no entry Is required for a transactlon event, select "No Journal Entry Requlred" In the first account field.) Answer is not complete. General Journal Debit 690,000 6,210,000 Credit 01 ,900,000 2(a) Cash 986,000 690,000 Due to Special Assessment 276,000 2b) 690,000 690,000 690,000 276,000 03 Cash 986,000Step by Step Solution
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