On January 1, 20X7, Clyde County issued $100 million of 5%, 20-year bonds at 102. Interest is
Question:
On January 1, 20X7, Clyde County issued $100 million of 5%, 20-year bonds at 102. Interest is payable semiannually. The proceeds were restricted for the construction of a new county water purification plant for its Water Enterprise Fund.
The bond issuance should be reflected in the Water Fund Statement of Revenues, Expenses, and Changes in Net Assets as
a. revenues of $102 million.
b. other financing sources of $102 million.
c. revenues of $100 million.
d. other financing sources of $100 million.
e. None of the above.
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The correct answer is bother financing sources of 102 million Heres why Bond issuance is not revenue ...View the full answer
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Related Book For 
Governmental And Nonprofit Accounting Theory And Practice
ISBN: 9780132552721
9th Edition
Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,
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