Barton Village has $7,000,000 of 10-year, 6% bonds maturing on March 15, 20X7. To repay the bonds
Question:
Barton Village has $7,000,000 of 10-year, 6% bonds maturing on March 15, 20X7. To repay the bonds and interest, the Village Council approved issuance of refunding bonds. Record the following:
1. The village issued $7,300,000 (face value) of refunding bonds at a premium of $180,000 and paid bond issue costs of $60,000.
2. The village paid principal ($7,000,000) and interest ($420,000) on the maturing bonds on March 15, 20X7.
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1 Cash 7420000 Expenditures x Bond Issue Costs 60000 O...View the full answer
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Related Book For 
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
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