On December 1, Gotham City issued $1,000,000, ten year, 6% general obligation bonds at par with no bond issue costs. The bonds pay interest on September 1 and March 1.

What amount of interest expense and bond interest payable should Gotham report in its government-wide financial statements at the close of the fiscal year on December 31?

Answer rating: 100% (QA)

At the close of the fiscal year on December 31 Gotham City should report the following amounts relat... View the full answer