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Presentation/PPT
27/08/2022
I have two problems for chapter 5,6,7,8 (from ACC 639 Governmental and Not-For-Profit Accounting) needed to answer. Thanks for responsing!
Problem 11. (60 points possible). The City of Abernathy, NY is a quiet town in upstate New York that is sixty miles east ofBuffalo. The town operates a general fund, capital projects fund, debt service fund, and aspecial revenues fund. The fiscal year end is December 31. The City is about to begin the 2018 fiscal year (FY 2018) set to begin January 1, 2018 and ending December 31,2018. Instructions: For each question below, provide the journal entry(ies) for each selectedtransaction for the specific firnd indicated. No subsidiary journal entries will be required. During fiscal year (FY 2013′), on October 1, 2017, the City of Abernathy’s capitalprojects fund issued $1,800,000 of 20-year serial bonds, bearing a 5% stated rate per yearwith interest payable on October Is! and April Is! of each fiscal year. In addition, eachyear on April I, a principal redemption of $90,000 is paid to bondholders of record. Thebond proceeds were used in late 2017 to partially finance the construction of a newbuilding for a truck weight station that will be used to measure transport weight andcargo holdings for trucks on Interstate 95. The remaining monies are expected inFebruary 2018 from the U.S. Department of Transportation as part of the federal stimuluslegislation (The American Recovery and Reinvestment Act of 2009, PL. 1 1 1-5) in theamount of $620,000, which will be received in the Special Revenues Fund and thentransferred to the Capital Projects Fund. The total construction costs are estimated at$2,420,000 and will take less than five months to construct. The project commencedconstruction in FY 2018. On April 1, 2017, prior to the serial bond issuance, Abernathy needed seed monies toinitiate the construction of the weigh station and borrowed $100,000 of bond anticipationnotes with an interest rate of 8.25%. These bond anticipation notes (BAN) were borrowed from JP. Morgan Chase and were expected to be repaid in entirety, plusinterest, with proceeds of the serial bonds issued later that year. April 1, 2017. CAPITAL PROJECTS FUND. Record the issuance of the bondanticipation notes in the Capital Projects Fund:
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