The City of Fremont's fiscal year ends June 30. The City issued the following general obligation bonds:

Question:

The City of Fremont's fiscal year ends June 30. The City issued the following general obligation bonds:
1. On July l, 2011, the City issued 5 percent, $100,000 face value, 10-year bonds for $92,640, to yield 6 percent. Interest is payable on June 30 of each year.
2. On January 1, 2013, the City issued 5 percent, $100,000 face value, 10-year bonds for $108,115, to yield 4 percent. Interest is payable on December 31 of each year.
Required
a. Determine the amounts reported in the government-wide statement of activities and statement of net position for fiscal year 2014, related to the bonds.
b. Determine the amounts reported in the governmental funds statement of revenues, expenditures, and changes in fund balances and for fiscal year 2014, related to the bonds. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...