Question

Financial Statements Circus City issued an 8%, 10-year $2,000,000 bond to build a monorail mass transit system. The city received $1,754,217 cash from the bond issuance on January 1, 2012. The bond yield is 10%. Interest is paid annually on December 31 of each year. Disclosure information about capital assets is reported below.


Depreciation expense charged to governmental activities as follows:
Public Safety............. $ 55,000
General Government.......... 72,000
Highways and Streets......... 25,000
Sanitation............. 17,000
................... $169,000
Circus City’s governmental funds financial statements are as follows:




Required:
Using the information above, prepare the statement of activities and the statement of net assets on a government-wide basis (using full accrual accounting). The beginning fund balance in the government-wide Statement of Net Assets is$2,686,283.


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  • CreatedMarch 16, 2015
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