Wakefield Heights sold $6,000,000 of general obligation serial bonds at a 1.5% discount to finance the construction
Question:
Wakefield Heights sold $6,000,000 of general obligation serial bonds at a 1.5% discount to finance the construction of a new recreation center. Bond issuance costs were 2% of the face amount of the bonds. The entry to record the sale of the bonds in a Capital Projects Fund would be
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a. b. C. d. e. Cash Other financing sources-bonds Cash Other financing uses-bond discount> Other financing sources-bonds Other financing sources-bonds Cash Cash Expenditures Other financing uses-bond discount Other financing sources-bonds Cash Other financing uses-bond discount Other financing uses-bond issue costs Other financing sources-bonds $6,000,000 5,910,000 90,000 5,910,000 5,790,000 120,000 90,000 5,790,000 120,000 90,000 $6,000,000 6,000,000 5,910,000 6,000,000 6,000,000
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The correct journal entry to record the sale of the bonds in a Capital Projects Fund is choice d Her...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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