Question

On January 1, 2004, the city of Nashvegas issued an 8% annual, 10-year, $10,000 bond for $11,472 (an effective yield of 6%). The bonds become due on December 31, 2013. On June 30, 2012, the city of Nashvegas issued an 8% annual, 10-year, $10,000 bond to yield 10% (the proceeds are $8,771).

Required:
A. Assuming that both bonds are general obligation bonds, prepare the schedule of long term liabilities at December 31, 2012 (see Illustration 18-12 for an example).
B. Determine the amount of interest reported on the government-wide statement of activities for the year ending December 31, 2012.
C. Determine the amount of long-term liabilities reported on the government-wide statement of net assets at December 31, 2012.
D. Determine the total amount of interest expenditures included in the governmental statement of revenues, expenditures, and changes in net assets for the year ending December 31, 2012.
E. Determine the amount of debt (if any) reported on the governmental funds balance sheet.



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  • CreatedMarch 16, 2015
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