Reporting reconciliation between governmental fund and government-wide financial statements

Thomas County pays all the debt service on its long-term general obligation bonds on April 1 and October 1 of each year. Accrued interest on these bonds for the stub period October 1December 31, 2018, was $75,000. During its fiscal year ended December 31, 2019, Thomas paid $350,000 interest on its long-term general obligation bonds. Accrued interest for the stub period October 1December 31, 2019, was $88,000.

Based on this information, determine the reconciliation amounts reported in the two funds financial statements to the two government-wide financial statements.

Use a negative sign with your answer, if appropriate.

Reconciliation of Funds balance sheet to Government-wide statement of net position
Amounts reported in the statement of net position are different because:
Interest on long-term debt is not due and payable in the current period and, therefore, is not reported in the funds.	Answer

Reconciliation of Governmental fund statement of revenues, expenditures, and change in fund balances to Government-wide statement of activities
Amounts reported in the funds statement are different because:
Interest on long-term debt that does not require use of current financial resources is not reported as expenditures in the funds. The current period effect of reporting interest on the accrual basis of accounting in the statement of activities is	Answer