Question
On 5/1/2020, Cooperstown, PN purchased a new firetruck for city use. The cost of the truck was 1.2 million. A long-term n/p was issued for
On 5/1/2020, Cooperstown, PN purchased a new firetruck for city use. The cost of the truck was 1.2 million. A long-term n/p was issued for the full price of the truck on the same date and proceeds were used to purchase the truck. It is a two-year 8% note, and principal and interest are due in full on 5/1/2022. The truck will be used for 10 years with no salvage expected. Answer the following questions related to this purchase assuming the General Fund was used. SL depreciation.
Question: Now at 12/31/2020 what is the impact on Fund Balance in the General Fund related to any ADJUSTMENTS that need to be made?
On 5/1/2020, Cooperstown, PN purchased a new firetruck for city use. The cost of the truck was 1.2 million. A long-term n/p was issued for the full price of the truck on the same date and proceeds were used to purchase the truck. It is a two-year 8% note, and principal and interest are due in full on 5/1/2022. The truck will be used for 10 years with no salvage expected. Answer the following questions related to this purchase assuming the General Fund was used. SL depreciation.
Question: Now at 12/31/2020 what is the impact on Fund Balance in the General Fund related to any ADJUSTMENTS that need to be made?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Building Accounting Systems Using Access 2010
Authors: James Perry, Richard Newmark
8th Edition
1111530998, 978-1111530990
