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The town of Drummond raised the necessary financing and constructed a new park complex during its fiscal year ending December 31, 2024. It incurred the following transactions in the process:
capital projects fund.
payment of $10,000 payable each December 31 starting on December 31,2024 . The premium was directly entered into the fund required to repay bond interest and principal.
(c) 3/1/24: A contract is signed for construction of the new complex in the amount of $250,000.
(d) (6)/(29)/24 : $2,500 is transferred from the general fund for the June 30 interest payment due on the bonds issued for the complex.
(e) 6/30/24: Interest was paid on the serial bonds. The city uses the straight line method to amortize bond premiums where applicable.
(f) 10/1/24: Received the $100,000 capital grant from the state.
(g) 12/1/24: Receive an invoice for completion of the complex. The total amount was $245,000. The new facility was inspected and the amount was paid in for
(h) (12)/(27)/24 : $15,000 was transferred from the general fund for the 12/31/24 interest and principal payment.
(i) 12/31/24: Interest and principal are paid on the serial bonds. The city uses the straight line method to amortize bond premiums where applicable.
(j) (12)/(31)/24 : Closing entries were made in both the capital projects fund and the debt service fund
Required: There are two Excel worksheets for this problem, please submit your answer on one of the two.
required please indicate that no entry is required.
Chapter 9: Summary Journal Entries
The town of Drummond raised the necessary financing and constructed a new park complex during its fiscal year ending December 31, 2024. It incurred the following transactions in the process: (a) The budget for the construction of a new facility called for an estimated cost of $250,000 with $150,000 coming from a bond issue and $100,000 from a capital grant from the state. The city requires budgets in its capital projects fund.
(q) 1/1/24: 15-year 5% General Obligation Serial Bonds with a face value of $150,000 were issued at 101. Interest payments are made on June 30 and December 31 of each year. The bond also calls for a principal payment of $10,000 payable each December 31 starting on December 31, 2024. The premium was directly entered into the fund required to repay bond interest and principal. (c) 3/1/24: A contract is signed for construction of the new complex in the amount of $ 250,000.
(d) 6/29/24: $2,500 is transferred from the general fund for the June 30 interest payment due on the bonds issued for the complex.
(e) 6/30/24: Interest was paid on the serial bonds. The city uses the straight line method to amortize bond premiums where applicable
(f)
10/1/24: Received the $100,000 capital grant from the state.
(g) 12/1/24: Receive an invoice for completion of the complex. The total amount was $245,000. The new facility was inspected and the amount was paid in full.
(h)
(0
12/31/24: Interest and principal are paid on the serial bonds. The city uses the straight line method to amortize bond premiums where applicable (j) 12/31/24: Closing entries were made in both the capital projects fund and the debt service fund
Required: There are two Excel worksheets for this problem, please submit your answer on one of the two
Prepare the necessary journal entries, for the above transactions, at both the governmental fund level (general fund, capital projects fund, and debt service fund) and at the governmental activities (Government wide) level. If no entry is required please indicate that no entry is required. a. General Fund General Journal b. Governmental activities General Journal Transaction Fund Account Debit Credit Transaction Account Debit Credit
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Chapter9:Reconciliation The City of Hamilton reported a net change in the total fund balance of $350,000 for its governmental type funds. You are also given the following information for the current fiscal year:
accrued interest related to this debt. Depreciation expense for the vear for the aovernmental type funds totaled S100.000
The City purchased capital assets for its governmental activities totaling $2,800,000 related to the construction of a new fire department building.
The City earned $40,000 in revenues that were not considered available for this year's budget as it wi be received 75 days after the date of the financial statements.
The city issued debt with a face amount of $1,000,000 at 101 to finance the construction of a new courthouse. The City transferred $40,000, during the year, from its General Fund to an Utility Enterprise Fund to reflect utility charges.
Prepare a required reconciliation statement to support the differences in the changes in net position and fund balance.
