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 ?
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa325bf03-50b6-4942-98a5-eece7852544b%2Ff9f4adce-3b25-4364-a59e-9802914e8a32%2Fg3x2gh8_processed.jpeg&w=3840&q=75)
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- General accountingCraven 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)?
- 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 signthe 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.
- Construction and debt transactions can affect more than one fund. During 2021 Luling Township engaged in the following transactions related to modernizing the bridge over the Luling River. The township accounts for long-term construction projects in a capital projects fund.• On July 1 it issued 10-year, 4 percent bonds with a face value of $1 million. The bonds were sold for $1,016,510, an amount that provides an annual yield of 3.8 percent (semiannual rate of 1.9 percent). The city incurred $10,000 in issue costs.• On August 1, it was awarded a state reimbursement grant of $800,000. During the year it incurred allowable costs of $600,000. Of these it paid $500,000 in cash to various contractors. It received $450,000 from the state, expecting to receive, early in 2022, the $150,000 difference between allowable costs incurred and cash received. Moreover, it expects to receive the balance of the grant later in 2022. • It invested the bond proceeds in short-term federal securities. During…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…The City of Amarillo is authorized to issue $9,000,000, 5 percent regular serial bonds in 2023 for the construction of a new exit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2024, for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General Fund. The county's fiscal year-end is December 31. Prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that the January 1, 2024, principal and interest payments will be included in the 2023 budget. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entry in the General Fund.) Transaction Fund 1. Record the budget transaction. 1 Debt Service Fund 2. Record the transfer of funds. 2 Debt Service Fund Answer is…
- The City of Amarillo is authorized to issue $9,000,000, 5 percent regular serial bonds in 2023 for the construction of a new exit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2024, for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General Fund. The county’s fiscal year-end is December 31.Prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that the January 1, 2024, principal and interest payments will be included in the 2023 budget. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entry in the General Fund.)The City of Amarillo is authorized to issue $8,000,000, 3 percent regular serial bonds in 2023 for the construction of a new exit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2024, for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General Fund. The county's fiscal year-end is December 31. f. Prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that the January 1, 2024, principal and interest payments will be included in the 2023 budget. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entry in the General Fund.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round…The City of Amarillo is authorized to issue $3,000,000, 5 percent regular serial bonds in 2023 for the construction of a new exit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2024, for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General Fund. The county’s fiscal year-end is December 31. Prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that the January 1, 2024, principal and interest payments will be included in the 2023 budget. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entry in the General Fund.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round…
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