A municipality issues 750 municipal bonds with a par value of $500 each. The bonds pay 5% annual interest. What is the total amount of capital raised? A) $375,000 B) $393,750 c) $18,750 per year D) $356,250
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What is the total amount of capital raised on these financial accounting question?
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- NoneAssume that a city issues a $5,250,000 bond at par. The city, subsequently, pays $262,500 in interest on the bond and $1,050,000 of the principal. Prepare the journal entries to record the issuance of the bond and the subsequent payments.City Slicker Corporation pays $55,000 into a bond sinking fund each year for the future redemption of bonds. During the first year, the fund earns $1,475. When the bonds mature, there is a sinking fund balance of $612,000, and $600,000 is needed to redeem the bonds. Required:Prepare the following general journal entries. a. The initial sinking fund deposit. b. The first year's earnings. c. The redemption of the bonds. d. The return of excess cash to the corporation.
- A utility district has issued bonds totaling $4.7 Million with a fixed annual coupon rate of 4.00% and a term of 30 years. In addition to making the annual coupon payment, the district must deposit an additional annual amount (an equal amount each year beginning one year from the date of issuance) into a sinking fund so that the principle balance of $4.7 million will be on hand when the bonds come due. The district can earn 3.50% on its invested funds. What is the combined amount of money required for each year’s coupon payment and sinking fund payment? Submit whole number with no commas and no currency signA city has financed a local project with a $600,000 bond issue with a coupon rate of 6% compounded semi-annually. The bonds are redeemable in 13 years. At the same time, a sinking fund earning interest at 5.3% compounded semi-annually is established to accumulate the full $600,000 when the bonds mature in 13 years. Paragraph B ... a) Find the periodic expense of the debt. BGN/END 2x 13-26 600000- 265913.95=334086.05 c) Construct the sinking fund schedule for the 9th year. Interest Increase Payment Periodic for Fund Вook in the Number Payment Payment Balance Value Fund Interval Totals:Assume that a city issues a $1,200,000 bond at par. The city, subsequently, pays $72,000 in interest on the bond and $1,200,000 of the principal. Required: Prepare the journal entries to record the issuance of the bond and the subsequent payments.
- 3.) The Village of Hawksbill issued $4,000,000 in 5 percent general obligation, tax-supported bonds on July 1, 2023, at a premium of 1.5 percent. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments will be made on June 30, 2024. Hawksbill has a calendar fiscal year. A capital projects fund transferred the premium to the debt service fund. On December 31, 2023, funds in the amount of $100,000 were received from the General Fund, and the first interest payment was made. The books were closed for 2023. On June 30, 2024, funds in the amount of $240,000 were received from the General Fund, and the second interest payment ($100,000) was made along with the first principal payment ($200,000). On December 31, 2024, funds in the amount of $95,000 were received from the General Fund, and the third interest payment was made (also in the amount of…5. 2. The City of Paradise issued Bonds of $1,250,000 for the Construction of a City Hall. The City Hall’s bonds are sold at a premium of $150,000; therefore the estimated cost of the Hall is $1,100,000. Required: a. Prepare general journal entries to record the issue of the bonds by General Fund. b. Prepare general journal entries to transfer the premium amount to the debt service fund.Journal entries regarding a bond issue and accounting for a premiumArchambault Township authorized a bond issue for a parking garage with an estimated cost of $4,000,000.The garage would be financed through a $2,500,000 bond issue and a $1,500,000 contribution from the General Fund.The General Fund made its contribution, and the bonds were sold for $2,700,000, which included a $200,000 premium over the face amount of the bonds.Prepare journal entries to record (1) the budget for the parking garage, (2) the payment and receipt of the General Fund’s contribution, and (3) the issuance of the bonds, assuming the premium remained in the Capital Projects Fund.
- Prepare journal entries for each of the transaction: 1 The county authorized a new general obligation bond issue of $5 million par to construct an office building with ap contract price of $4,975.000. The bonds were issued for 4,980,000 2 The county levied real property taxes of $10,000,000. Eighty-five percent of the net taxes were collected immediately. Two percent of the total levy was estimated to be uncollected 3 The office building was completed, and the county paid the contract price to the contractor. 4 The General Fund transferred $500.000 to the Debt Service Fund. 5 The county paid $200.000 for interest on the bonds from the Debt Service Fund 6 $27,000 in membership fees was collected at the municipal pool 7 A county collects $130,000 in sales taxes on behalf of the cities within its boundaries 8 A private foundation contributes a stock portfolio with a fair value of $100,000 to the county. The earnings are to be used by the local park which is owned by and operated…City has a population of 50,000. During this fiscal year, the city generated general revenues of $30 million. The primary revenue source is property tax. The taxable property value is $1,250 million. The debt outstanding and the debt service is 37 million and 2.7 million respectively. If the benchmark debt service ratio is 10 percent. Assume an annual interest rate of 5 percent and a thirty-year maturity for the debt, how much additional debt can the city carry?want answer for this question