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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- Lisa County issued $5,000,000 of general obligation bonds at 101 to finance a capital project. The $50,000 premium was to be used for payment of interest. The transactions involving the premium should be accounted for in thea. capital projects funds, the debt service funds, and the general long-termdebt account group.b. capital projects funds and debt service funds only.c. debt service funds and the general long-term debt account group only.d. debt service funds only.Japes City issued $1,000,000 general obligation bonds at 101 to build a new city hall. As part of the bond issue, the city also paid a $500 underwriter fee and $2,000 in debt issue costs. What amount should Japes City report as other financing sources? A.) $1,010,000 B.) $1,008,000 C.) $1,007,500 D.) $1,000,000Craven City borrows $1,000,000 in bonds payable on January 1, 2022, and the bonds are scheduled to be repaid over 10 years, with the first payment scheduled for December 31, 2022. The bonds have a stated interest rate of 4%, and interest is payable annually with the first interest payment scheduled for December 31, 2022. Assuming the debt is repaid from a debt service fund (because the bond proceeds were used to benefit the governmental funds), what amount of expenditures would be recognized in the debt service fund for 2022? What amount of expense would be recognized if the bonds were repaid in an enterprise fund (because the bond proceeds were used to benefit the enterprise fund)? O $40,000 expenditures in the debt service fund; $40,000 expense in the enterprise fund O $140,000 expenditures in the debt service fund; $40,000 expense in the enterprise fund O $140,000 expenditures in the debt service fund; $140,000 expense in the enterprise fund $40,000 expenditures in the debt service…
- Craven City borrows $2,000,000 in bonds payable on January 1, 2022, and the bonds are scheduled to be repaid over 10 years, with the first payment scheduled for December 31, 2022. The bonds have a stated interest rate of 5%, and interest is payable annually with the first interest payment scheduled for December 31, 2022. Assuming the debt is repaid from a debt service fund (because the bond proceeds were used to benefit the governmental funds), what amount of expenditures would be recognized in the debt service fund for 2022? What amount of expense would be recognized if the bonds were repaid in an enterprise fund (because the bond proceeds were used to benefit the enterprise fund)?Assume 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.1. The township issues $5.0 million in bonds at a premium of $.40 million and incurs $.18 million in issue costs. The premium, net of issue costs, is transferred to a newly established debt service fund.2. The township receives $2.0 million in cash from the state for the reimbursement grant in anticipation that the township will incur at least $2.0 million in construction costs.3. The township pays $5.9 million to invest in short-term (less than one year) securities.4. The township issues purchase orders and signs construction contracts for $ 7.9 million.5. The township sells $4.0 million of its investments for $4.4 million.6. The township receives invoices totaling $6.2 million. As permitted by its agreement with its prime contractor, the township retains S.7 million pending satisfactory completion7. 8. The township recognizes the revenue earned from the reimbursement grant.9. Anticipating that the project will be completed in the following year, ABC Construction Company pledges to…
- 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 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:the Shannon Township Debt Service Fund accumulates resources to pay its $2 million general obligation debt. The debt is payable in equal annual installments of principal over 10 years with 5% interest on the unpaid principal. Prepare journal entries to record the following transactions in the Debt Service Fund. 1. The Township levies a special property tax amounting to $500,000 to pay debt service on its long-term general obligation debt. 2. All the property taxes levied for debt service purposes are collected. 3. The Township invests $150,000 in a six-month certificate of deposit. 4. Debt service (interest of $100,000 and principal of $200,000) becomes due to bondholders. 5. The certificate of deposit in c. matures and the Township receives a total of $153,000, which includes $3,000 of interest.