In the current fiscal year, St. George County issued $3,000,000 in general obligation term bonds for 102.

Question:

In the current fiscal year, St. George County issued $3,000,000 in general obligation term bonds for 102. The county is required to use any accrued interest or premiums for servicing the debt issue.
a. How would the bond issue be recorded at the fund and government-wide level?
b. How would the bond issue be reported in the fund and the government-wide What effect, if any, do interest payments have on the carrying value of the bond issue as reported in the Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...