Question: Durwin County issued 200 million in long term debt to fund
Durwin County issued $200 million in long-term debt to fund major improvements to the county’s road and transportation systems. The debt is to be serviced from the proceeds of a specially dedicated property tax. The accompanying statement of revenues, expenditures, and changes in fund balance and balance sheet were taken from its year-end ﬁnancial report. Based on the data in the two statements prepare journal entries to summarize the transactions in which the ﬁrm engaged. You should prepare budgetary entries, but need not prepare closingentries.
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