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what's the answer? and why? QUESTION 1 On 5/1/2020, Cooperstown, PN purchased a new firetruck for city use. The cost of the truck was 1.2
what's the answer? and why?
QUESTION 1 On 5/1/2020, Cooperstown, PN purchased a new firetruck for city use. The cost of the truck was 1.2 million. Along-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. (This same information is used in questions 1-4) 1. What is the total impact on Fund Balance on 5/1/2020 related to the events described in question no. 1? For instance If fund balance decreased $400,000 you should enter 400,000 QUESTION 2 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 vo 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 vear 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: On 5/1/2020 what is the impact on Net Position in the non-fund Step by Step Solution
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