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you can select multiple answers. Required Information The following information applies to the questions displayed below. Residents of Green Acres, a gated community located in
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Required Information The following information applies to the questions displayed below. Residents of Green Acres, a gated community located in the City of Foothills, voted to form a local improvement district to fund the construction of a neighborhood park. The city agreed to administer the bonded debt; however, residents of Green Acres are solely responsible for repsying the bond issue. The following events are related to the special assessment park debt for the current fiscal year. 1. On January 1, the city assessed levies totaling $6,900,000 on properties within Green Acres. The levies are paysble in 10 equal annuel installments due at the end of the fiscal year, beginning in the current year, with 4 percent interest due on unpsid installments. 2 All assessments associsted with the current yesr's installiment were collected by December 31, as was the interest due on the unpaid installments. A portion of assessments receivable equal to next year's installment of $690,000 wss reclassified as current 3. On December 31, the first principal payment of $690,000 wss made to bondholders, as was interest on the debt 4. All additions and deductions were recorded by the custodial fund. Assume thst all additions and deductions can be aggregated because resources are held less than three months. c How would this fund be reported in the City of Foothills' financial statements? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as Incorrect.) Comblne wth otner custodlal funds Report in the Government-wide tinancia statements Report in the General fund. show in a separate column on tne statement of flduclary net postionStep by Step Solution
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