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Residents from the To 5, 2019. Financing for grant, and $2,100,000

Residents from the To 5, 2019. Financing for grant, and $2,100,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Residents from the Town of Mountain View authorized a $7,300,000 renovation to their historic town hall on November 15, 2019. Financing for the project consists of $2,800,000 from a 6 percent serial bond issue, $2,400,000 from a state grant, and $2,100,000 from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dollar of sales in the city. The town has a calendar year-end. Required Prepare journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental activities at the government-wide level. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Transcribed Image Text:Residents from the Town of Mountain View authorized a $7,300,000 renovation to their historic town hall on November 15, 2019. Financing for the project consists of $2,800,000 from a 6 percent serial bond issue, $2,400,000 from a state grant, and $2,100,000 from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dollar of sales in the city. The town has a calendar year-end. Required Prepare journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental activities at the government-wide level. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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