Question

2. A $6,200,000 issue of serial bonds to finance a capital project was sold at 105 plus accrued interest in the amount of $62,000. The accrued interest and the premium were recorded in the debt service fund. Accrued interest on bonds sold must be used for interest payments; the premium is designated by state law for eventual payment of bond principal. 2a Capital Projects Fund Record the issuance of bonds 2b Debt Service Fund Record the accrued interest and Premium on bonds 2c Governmental Activities Record the issuance of bonds 3. The debt service fund made a $80,000 lease payment, of which $11,497 was interest. Funds used to make the lease payment came from a capital grant received by the special revenue fund. 3a Special Revenue Fund Record cash received as capital grant. 3b Record the transfer of fund for lease payment to the debt service fund. 3c Debt Service Fund Record the transfer of fund for lease payment from the special revenue fund. 3d Record the principal and interest on lease paid. 3e Governmental Activities Record cash received as capital grant. 3f Record the principal and interest on lease paid.

          2. A $6,200,000 issue of serial bonds to finance a capital project was sold at 105 plus accrued interest in the amount of $62,000. The accrued interest and the premium were recorded in the debt service fund. Accrued interest on bonds sold must be used for interest payments; the premium is designated by state law for eventual payment of bond principal.
2a Capital Projects Fund Record the issuance of bonds
2b Debt Service Fund Record the accrued interest and Premium on bonds
2c Governmental Activities Record the issuance of bonds
3. The debt service fund made a $80,000 lease payment, of which $11,497 was interest. Funds used to make the lease payment came from a capital grant received by the special revenue fund.
3a Special Revenue Fund Record cash received as capital grant.
3b Record the transfer of fund for lease payment to the debt service fund.
3c Debt Service Fund Record the transfer of fund for lease payment from the special revenue fund.
3d Record the principal and interest on lease paid.
3e Governmental Activities Record cash received as capital grant.
3f Record the principal and interest on lease paid.

2 a 6200000 issue of serial bonds to finance a capital project was sold at 105 plus accrued interest in the amount of 62000 the accrued interest and the premium were recorded in the debt ser 22684

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