Question
Moore County is developing a new all-sports county park. The estimated cost of the project is $15,000 (all amounts are in thousands of dollars). Funding
Moore County is developing a new all-sports county park. The estimated cost of the project is $15,000 (all amounts are in thousands of dollars). Funding is being provided for the project based on the following schedule: General Obligation Bonds, 8%, 30-year serial bonds ..... $9,000 State Capital grant (expenditure driven).... $4,500 County Resources (transfers from the General Fund)... $1,500 Total Resources: $15,000 Transactions: 1. The bonds were issued at 104 and with $30 in bond issue costs. 2. The funding from the General Fund was received. 3. The county purchased land for the project paying $2,000 in cash. 4. A contract for construction of the required facilities 12,000. 5. During the year, the county was billed $8,000 for the project. It was projected that this billing isfor 75% of the construction project. the county paid all but 10% of the amount. The balance will be paid when the contract is completed. 6. Near the end of fiscal year, the state paid the amount owed, less 20% that is in question. This amount will be paid no earlier than 90 days into the following fiscal year. Requirements: Prepare all entries required in the Park Capital Projects Fund for these transactions and events. Not explanations required just state "no entry"
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