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Long-Term Liabilities in the Government-Wide and Fund Statements The City of Fremont's fiscal year ends June 30. The city issued the following general obligation bonds: 1. On July 1, 2014, the city issued 49 $150,000 face value, 10-year bonds for $138,432 to yield 5%. Interest is payable on June 30 of each year. 2. On January 1, 2016, the city issued 496 $150,000 face value, 10-year bonds for $176,898 to yield 296. Interest is payable on December 31 of each year. a. Determine the amounts reported in the government-wide statement of activities and statement of net position for fiscal year 2017, related to the bonds. HINT: Use the effective interest method and assume the total annual interest expense reported for the second bond is split equally between the two fiscal years. Round answers to the nearest dollar. 2017 Statement of Activities Interest expense $ 7.016 x 6/30/17 Statement of Net Position Interest payable $ 6,000 x Bonds payable 5 141,337 x b. Determine the amounts reported in the governmental funds statement of revenues, expenditures, and changes in fund balances and balance sheet for fiscal year 2017, related to the bonds. 2017 Statement of Revenues. Expenditures, and Changes in Fund Balances Interest expenditure 3.438 x 6/30/17 Balance Sheet Interest payable 5 Bonds payable $ 0 Long-Term Liabilities in the Government-Wide and Fund Statements The City of Fremont's fiscal year ends June 30. The city issued the following general obligation bonds: 1. On July 1, 2014, the city issued 49 $150,000 face value, 10-year bonds for $138,432 to yield 5%. Interest is payable on June 30 of each year. 2. On January 1, 2016, the city issued 496 $150,000 face value, 10-year bonds for $176,898 to yield 296. Interest is payable on December 31 of each year. a. Determine the amounts reported in the government-wide statement of activities and statement of net position for fiscal year 2017, related to the bonds. HINT: Use the effective interest method and assume the total annual interest expense reported for the second bond is split equally between the two fiscal years. Round answers to the nearest dollar. 2017 Statement of Activities Interest expense $ 7.016 x 6/30/17 Statement of Net Position Interest payable $ 6,000 x Bonds payable 5 141,337 x b. Determine the amounts reported in the governmental funds statement of revenues, expenditures, and changes in fund balances and balance sheet for fiscal year 2017, related to the bonds. 2017 Statement of Revenues. Expenditures, and Changes in Fund Balances Interest expenditure 3.438 x 6/30/17 Balance Sheet Interest payable 5 Bonds payable $ 0
