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Interest expense adjustments for government-wide financial statements Mike Village sold $1,000,000 of general...

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Accounting

Interest expense adjustments for government-wide financial statements
Mike Village sold $1,000,000 of general obligation bonds on October 1,2021, maturing at
the rate of $100,000 every 6 months starting April 1,2022, and paying interest at the rate of 4
percent per annum on the unpaid balance.
Use the above information to calculate the following:
c) Prepare the journal entries needed to adjust the fund statements so government-wide statements
can be prepared.
If no entry is necessary, select 'No debit (or credit) entry needed' in the account fields and
enter 0 in the amount fields.
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