Question
Please help me find ANSWER part A,B,C Interest expense adjustments for government-wide financial statements Mike Village sold $2,200,000 of general obligation bonds on October 1,
Please help me find ANSWER part A,B,C
Interest expense adjustments for government-wide financial statements
Mike Village sold $2,200,000 of general obligation bonds on October 1, 2021, maturing at the rate of $220,000 every 6 months starting April 1, 2022, and paying interest at the rate of 4 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 | 0 | Answer |
B) Interest expense reported in the | ||
government-wide statement of | ||
activities | Answer | Answer |
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 | |
---|---|---|---|
Accrued interest payableInterest expense Net positionNo debit entry neededNo credit entry needed | Answer | ||
Accrued interest payableInterest expense Net positionNo debit entry neededNo credit entry needed | Answer | ||
To record adjustment for 2021 activity. | |||
Accrued interest payableInterest expense Net positionNo debit entry neededNo credit entry needed | Answer | ||
Accrued interest payableInterest expense Net positionNo debit entry neededNo credit entry needed | Answer | ||
To record adjustment for 2022 activity. |
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