Question
The city of Grace reported $5,000,000 of long-term general obligation bonds payable on its December 31, 2019 government-wide statement of net position. The city reported
The city of Grace reported $5,000,000 of long-term general obligation bonds payable on its December 31, 2019 government-wide statement of net position. The city reported another financing source of $1,000,000 from the issuance of a new general obligation bond in its Capital Projects Fund during its fiscal year ending December 31, 2020. Also, the city reported an expenditure for the repayment of bond principal of $250,000 in its Debt Service Fund for the fiscal year ending December 31, 2020. Prepare the three journal entries needed for the December 31, 2020 worksheet that converts the governmental fund long-term debt related information to the government-wide financial statements.
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