EX. 7-3
General capital assets are accounted for differently in fund and government-wide financial statements. A city engaged in the following transactions during a year: 1. It acquired computer equipment at a cost of $40,000. 2. It completed construction of a new jail, incurring $245,000 in new costs. In the previous year the city had incurred $2.5 million in construction costs. The project ( help with nursing paper writing from experts with MSN & DNP degrees) was accounted for in a capital project ( help with nursing paper writing from experts with MSN & DNP degrees)s fund. 3. It sold for $16,000 land that it had acquired three years earlier for $28,000. 4. It traded in a four-year-old sanitation department vehicle for a new model. The old vehicle had initially cost $27,000, its carrying value at the time of trade was $17,000, and its market value was $13,000. The city paid additional $39,000 cash for the new model. The fair value of the new model was $52,000. a. Prepare journal entries to reflect the transactions in an appropriate governmental fund (e.g., a general-fund or a capital project ( help with nursing paper writing from experts with MSN & DNP degrees)s fund). b. Prepare journal entries to reflect the transactions in the cityΓ’ΒΒs government-wide statements.
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EX. 8-4
Both the reported value of long-term debt and periodic interest charges should be based on unamortized issue price (plus or minus unamortized premiums or discounts) and initial yield. The City of Fairfield issued $100 million of 20-year, 6 percent coupon bonds (3 percent per semiannual period) for $89.32 million. The price reflected a yield of 7 percent (3.5 percent period semiannual period). 1. Prepare entries to reflect how the following would be reported in the cityΓ’ΒΒs government-wide statements:
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a. The issuance of the bond
b. The first semiannual payment of interest
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c. The second semiannual payment of interest
2. Prepare entries to account for the same transactions in an appropriate governmental fund.
