s of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding. Eliminate the expenditures for bond principal. Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 × 0.03 × 6/12) = $180,000
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- As of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding.
- Eliminate the expenditures for bond principal.
- Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 × 0.03 × 6/12) = $180,000.
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- The Town of Mercy has $14,000,000 in general obligation bonds outstanding and maintains a single debt service fund for all debt service transactions. On July 1, 2024, a current refunding took place in which $14,000,000 in new general obligation bonds were issued. Required: Record the transaction on the books of the debt service fund. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.The following information relates to Redwood City during its fiscal year ended December 31, 2019:a. On October 31, 2019, to finance the construction of a city hall annex, Redwood issued 8%, 10-year general obligation bonds at their face value of $600,000. Construction expenditures during the period equaled $364,000.b. Redwood reported $109,000 from hotel room taxes, restricted for tourist promotion, in a special revenue fund. The fund paid $81,000 for general promotions and $22,000 for a motor vehicle.c. 2019 general fund revenues of $104,500 were transferred to a debt service fund and used to repay $100,000 of 9%, 15-year term bonds and $4,500 of interest. The bonds were used to acquire a citizens’ center.d. At December 31, 2019, as a consequence of past services, city firefighters had accumulated entitlements to compensated absences valued at $140,000. General fund resources available at December 31, 2019, are expected to be used to settle $30,000 of this amount, and $110,000 is…The Village of Hawksbill issued $4,000,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium (in the amount of $80,000) to the debt service fund. 2. On December 31, 2019, funds in the amount of $100,000 were received from the General Fund and the first interest payment was made. 3. The books were closed for 2019. 4. On June 30, 2020, funds in the amount of $220,000 were received from the General Fund, and the second interest payment ($100,000) was made along with the first principal payment ($200,000). 5. On December 31, 2020, funds in the amount of $95,000 were received from the General Fund and the third interest payment was made (also in…
- s The Village of Hawksbill issued $5,900,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium (in the amount of $59,000) to the debt service fund. 2. On December 31, 2019, funds in the amount of $147,500 were received from the General Fund and the first interest payment was made. 3. The books were closed for 2019. 4. On June 30, 2020, funds in the amount of $383,500 were received from the General Fund, and the second interest payment ($147,500) was made along with the first principal payment ($295,000). 5. On December 31, 2020, funds in the amount of $140,125 were received from the General Fund and the third interest payment was made (also in…The Village of Hawksville issued $4,000,000 in 5 percent general obligations, tax supported bonds on July 1, 2019, at 102. A fiscal agent is not used.Resources for principal and interest payments are to come from the General Fun. Interest pyments dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calander fiscal year. 1. A capital projects fund transferred the premium ( in the amountof $40,000) to the debt service fund. 2. On December 31, 2019 funds in the amount of $100,000 were received from the General Fund and the first interest payment was made. 3. The books were closed for 2019. 4. On June30,2020 funds in the amount of $220,000 were received from the General Fund, and the second interest payment ($100,00) was madealong with the first pricipal payment ($200,000) 5. On December 31,2020 funds inthe amount of $95,000 were received from the General Fund and the third interest payment was made (also in the amount of…On October 31, 2020, the Village of Lexington issued $1,000,000 of 3% general obligation serial bonds. The bonds pay interest on April 30 and October 31. Starting on October 31, 2021, the first of 20 equal annual serial payments of $50,000 was made. For the year ended December 31, 2022, what is the amount that should be reported for “expenditures—matured interest” on the debt service fund’s statement of revenues, expenditures, and changes in fund balance? A. $27,750. B. $30,000. C. $27,000. D. $28,500.