Interest expense adjustments for government-wide financial statements Mike Village sold $1,800,000 of general obligation bonds on October 1, 2021, maturing at the rate of $180,000 every 6 months starting April 1, 2022, and paying interest at the rate of 2 percent per annum on the unpaid balance. Use the above information to calculate the following: 2021 2022 a) Interest expenditure reported in the governmental fund statement of revenues, expenditures, and changes in fund balance B) Interest expense reported in the government-wide statement of activities c) Prepare the journal entries needed to adjust the fund statements so government-wide statements can be prepared. If no entry is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields. Account Debit Credit To record adjustment for 2021 activity. To record adjustment for 2022 activity.

Interest expense adjustments for government-wide financial statements Mike Village sold $1,800,000 of general obligation bonds on October 1, 2021, maturing at the rate of $180,000 every 6 months starting April 1,2022, and paying interest at the rate of 2 percent per annum on the unpaid balance. Use the above information to calculate the following: c) Prepare the journal entries needed to adjust the fund statements so government-wide statements can be prepared. If no entry is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields