Please help me find ANSWER part A,B,C Interest expense adjustments for government-wide financial...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Please help me find ANSWER part A,B,C
Interest expense adjustments for government-wide financial statements
Mike Village sold $2,200,000 of general obligation bonds on October 1, 2021, maturing at the rate of $220,000 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:
2021
2022
a) Interest expenditure reported in the
governmental fund statement of revenues,
expenditures, and changes in fund balance
0
Answer
B) Interest expense reported in the
government-wide statement of
activities
Answer
Answer
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 andenter 0 in the amount fields.