Question: Please help with the attached problem. I need all work shown so I can learn how you got to the answers. Preparing Government-wide Financial Statements
Please help with the attached problem. I need all work shown so I can learn how you got to the answers.
Preparing Government-wide Financial Statements Circus City issued an 8%, 10-year $2,000,000 bond to build a monorail mass transit system. The city received $1,754,217 cash from the bond issuance on January 1, 2012. The bond yield is 10%. Interest is paid annually on December 31 of each year. Disclosure information about capital assets is reported below. Circus City's governmental funds financial statements are as follows: * Revenues from licenses and permits are assigned to highways and streets ($100,000) and to the general government ($50,000). Required: Using the information above, prepare the statement of activities and the statement of net assets on a government-wide basis (using full accrual accounting). The beginning fund balance in the government-wide Statement of Net Assets is $2,686,283
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