Could we please have a solution for Government and Not for profit accounting 5th edition (by Michael H Granof and Saleha B. Khumawala), chapter 6 exercise 3 (1-12)? Question 8 is Bond proceeds in its debt service fund.
Thank you
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00 los 10.0513 E6-3 acquire the debt keys any initial acquisitions stores action and S10,000 in issue costs and
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2.P 6-5 Thea that for not at all a.$0 b.$8,000 c.$9,000 d.$16,510 c.519.314 f$20,000 g.S26,510 h.538,627 S150,000 $200,000 $400,000 S405,000 m.$500,000 n.$600,000 0.S610,000 P.S1,000,000 q.S1,006,510 r.$1,016,510 s.S1,015,824 -9
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appropriate fund.
The Wickliffe City Council authorizes the restoration
and property taxes. 1.7 Prepare journal entries in the capital projects fund to reflect the following events and transactions: a.The city approves and gives accounting recognition to the project's budget of S9,027,000, of which S6,000,000 is to be funded by general obligation bonds, $2,500,000 from the state, and the remaining S527,000 from the general fund. The city estimates that construction costs will be S8,907,000 and bond issue costs $120,000. b. The city issues 9 percent, 15-year bonds that have a face value of $6,000,000. The bonds are sold for S6,120,000, an amount reflecting a price of S102. The city incurs $115,000 in issue costs; hence, the net proceeds are $6,005,000. c. The city transfers the net premium of $5,000 to its debt service fund. d. It receives the anticipated S2,500,000 from the state and transfers $527,000 from the general fund.
The old bonds have a coupon rate of 5 percent; the new bonds have a coupon rate of 4 percent. What amount should Luling report in its December 31, 2012, financial statements as: 1. Nonreciprocal transfers-in to its debt service fund 2. Interest expenditure in its debt service fund (premium)