Question: When a State or local government issues bonds at a premium for a long - term capital project, the amount of the premium generated from

When a State or local government issues bonds at a premium for a long-term capital project, the amount of the premium generated from the issuance of bonds are generally:
When a State or local government issues bonds at a premium for a long-term capital project, the amount of the premium generated from the issuance of bonds are generally:
transferred to the General Fund.
retained in the capital projects fund.
deposited in the debt service fund.
None of the choices are correct, capital project funds do not record any long-term liabilities, including premiums on bonds payable

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