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16 Exercise 6-19 (Static) Long-term Liability Transactions [LO 6-5] 0.57 points Below are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet. Skipped Required Prepare in general Journal form the necessary entries in the governmental activities and appropriate fund Journals for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Do not round Intermediate calculatlons.) eBook Print Transaction Fund / Governmental Activties General Journal Debit Credit 1. The General Fund collected and transferred $750,000 in tax collections to the debt service fund: 5600,000 of this amount was used for a principal payment on outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. 1a General Fund Record the receipt of cash from tax collections. References 1b Record the transfer of cash collected from taxes to the debt service fund. 1c Debt Service Fund Record the transfer of cash collected from taxes to the debt service fund. 1d Record the payment of principal and interest to retire the bonds. le Governmental Activities Record the receipt of cash from tax collections + 1f Record the payment principal and interest to retire the bonds. 16 2. A $5,000,000 issue of serial bonds to finance a capital project was sold at 102 plus accrued interest in the amount of $50,000. The accrued interest and the premium were recorded in the debt service fund. Accrued interest on bonds sold must be used for interest payments; the premium is designated by state law for eventual payment of bond principal 2a Capital Projects Fund Record the issuance of bonds 0.57 points Skipped 2b Debt Service Fund Record the accrued interest and Premium on bonds eBook Print 2c Governmental Activities Record the issuance of bonds References 3. The debt service fund made a $110,000 lease payment, of which $15,809 was interest. Funds used to make the lease payment came from a capital grant received by the special revenue fund. 3a Special Revenue Fund Record cash received as capital grant. 3b Record the transfer of fund for lease payment to the debt service fund 3c Debt Service Fund Record the transfer of fund for lease payment from the special revenue fund. 3d Record the principal and interest on lease paid. 3e Governmental Activities Record cash received as capital grant. 31 Record the principal and interest on lease paid. 16 4. Tax-supported serial bonds with a $3,500,000 par value were issued in cash to permit refunding of a $3,500,000 par value issue of term bonds. Assume that the term bonds had been issued several years earlier at par. 4a Debt Service Fund Record the issue of tax-supported serial bonds for partial refund of term bonds. 0.57 points Skipped 4b Record the refund of the par value bonds. eBook 4c Governmental Activities Record the issue of tax-supported serial bonds for partial refund of term bonds. Print 4d Record the refund of the par value bonds References 5. Four months prior to year-end, 3 percent special assessment bonds totaling $500.000 were issued to fund a streetlight improvement project in a local subdivision. The bonds are secondarily backed by the village. The first $25,000 installment will be due from property owners six months after the initial bond issuance, but no debt payments are due in the first year 5a Debt Service Fund Record the issue of special assessment bonds. 5b Record the current and deferred installment receivable from the local subdivision 50 Governmental Activities Record the issue of special assessment bonds. 5d Record the current and deferred installment receivable from the local subdivision. 5e Record the interest payable on the special assessment debt. 16 6. A $5,000,000 issue of construction bonds was sold at par by the capital projects fund. Debt issuance costs included administrative fees of $45.000 and prepaid insurance costs of $5,000 6a Capital Projects Fund Record the issue of construction bonds. 0.57 points Skipped Ob Record the debt issuance costs. eBook 6c Governmental Activities Record the issue of construction bonds. Print References od Record the debt issuance costs 7. Due to an unexpected change in interest rates, a village issued a $2,500,000 bond at 98 percent of par value. The bond was issued to fund construction of a bike path. including restrooms and picnic shelters. It is expected that the shortage of cash will be covered by a future transfer from another fund. 7a Capital Projects Fund Record the issuance of bonds 7b Governmental Activities Record the issuance of bonds 8. A town secures a note payable in the amount of $150,000 to pay initial expenses for construction of a new police station. Town administrators plan to repay this note within three months with tax revenues. 8a Capital Projects Fund Record the issuance of Notes payable 8b Governmental Activities Record the issuance of Notes payable 9. A county secures a bond anticipation note in the amount of $500,000 to pay initial expenses for construction of a convention center. The board of county commissioners recommended that the finance department refinance the bond anticipation note by issuing a construction bond when construction activity begins. ga Capital Projects Fund Record the issuance of Bond anticipation note 9b Governmental Activities Record the issuance of Bond anticipation