On March 2, 2022, 20-year, 3 percent, general obligation serial bonds were issued at the face amount of $3,000,000. Interest of 3 percent per annum is due semiannually on March 1 and September 1. The first payment of $150,000 for redemption of principal is due on March 1, 2023. Fiscal year-end occurs on December 31. What is the interest expenditure in the governmental funds for the fiscal year ending December 31, 2022?
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On March 2, 2022, 20-year, 3 percent, general obligation serial bonds were issued at the face amount of $3,000,000. Interest of 3 percent per annum is due semiannually on March 1 and September 1. The first payment of $150,000 for redemption of principal is due on March 1, 2023. Fiscal year-end occurs on December 31. What is the interest expenditure in the governmental funds for the fiscal year ending December 31, 2022?
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- On March 2, 2022, 20-year, 3 percent, general obligation serial bonds were issued at the face amount of $3,000,000. Interest of 3 percent per annum is due semiannually on March 1 and September 1. The first payment of $150,000 for redemption of principal is due on March 1, 2023. Fiscal year-end occurs on December 31. What is the interest expense in the governmental activities accounts for the fiscal year ending December 31, 2022?On January 1, 2025. Pharoah issued $870,000 of 9% serial bonds at par. Semiannual interest is payable on January 1 and July 1 and principal of $87.000 matures each January 1 starting in 2026. The debt will be serviced through a special tax levy designed especially for this purpose. Therefore, transfers will be provided as needed from the Special Revenue Fund. The following transactions occurred relating to the Debt Service Fund. 2025 June 29 July 1 Dec. 18 2026 Jan. 1 Your answer is partially correct. 2035 Jan. 2 Jan. 4 A transfer of $39,150 was received from the Special Revenue Fund. The semiannual interest payment was made. A Special Revenue Fund transfer of $21,000 was received. Date A payment on bond principal and semiannual interest was made. Accumulations in the Debt Service Fund amounted to $58,000 in investments and $37.000 in cash. The investments were liquidated at face value and the final interest and principal payment was made. Having served its purpose, the Debt Service…Ont/2/ 2021, the County of Santa Teresa issued a 20-year-life serial bond with a principal of $8,000,000 and 5% annual interest. Interests are paid on January 1 and July 1 with $400,000 in bonds being retired on each interest payment date. The debt service fund levies property taxes in the amount to cover interest and principal payments. Prepare entries for the Debt Service Fund for the following transactions. 1. Prepare the entries to record the budget for the debt service fund for Year 2021. 2. Prepare the entry to levy the property taxes. 3. Prepare the entry to pay the interest and principal on 7/1/2021.
- On October 31, 2020, the Village of Lexington issued $1,000,000 of 3% general obligation serial bonds. The bonds pay interest on April 30 and October 31. Starting on October 31, 2021, the first of 20 equal annual serial payments of $50,000 was made. At December 31, 2022, what is the amount of accrued but unmatured interest that is not reported by the debt service fund? A. $4,875. B. $5,000. C. $4,500. D. $4,750.Sun City issues $47 million of bonds on January 1, 2021 that pay interest semiannually on June 30 and December 31. A portion of the bond amortization schedule appears below: Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 $51,324,372 06/30/2021 $2,350,000 $2,309,597 $40,403 51,283,969 12/31/2021 2,350,000 2,307,779 42,221 51,241,748 1. Were the bonds issued at face amount, a discount, or a premium? multiple choice Discount Premium Face amount 2. What is the original issue price of the bonds? Original price 3. What is the face amount of the bonds? Face amount 4. What is the stated annual interest rate? (Hint: Be sure to provide the annual rate rather than the six-month rate.) Stated annual interest rate % 5. What is the market annual interest rate? (Hint: Be sure to provide the annual rate rather than the six-month rate.)…Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2018 Maturity amount and date: $150,000 due in 10 years (December 31, 2027) Interest: 10 percent per year payable each December 31 Date issued: January 1, 2018 Required: For each of the three independent cases that follow, provide the amounts to be reported on the January 1, 2018, financial statements immediately after the bonds are issued. TIP: See Exhibit 10.5 for an illustration distinguishing Bonds Payable from their carrying value. (Deductions should be indicated by a minus sign.)
- Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2021 Maturity amount and date: $130,000 due in 10 years (December 31, 2030) Interest: 10 percent per year payable each December 31 Date issued: January 1, 2021 Required: 1. For each of the three independent cases that follow, provide the amounts to be reported on the January 1, 2021, financial statements immediately after the bonds are issued. TIP: See Exhibit 10.6 for an illustration distinguishing Bonds Payable from their carrying value. (Deductions should be indicated by a minus sign.) January 1, 2021-Financial statements: a. Bonds payable b. Unamortized premium (or discount) c. Carrying value Case A (At 100) Case B (At 95) Case C (At 103)Sun City issues $47 million of bonds on January 1, 2021 that pay interest semiannually on June 30 and December 31. A portion of the bond amortization schedule appears below: Cash paid Interest expense Decrease in carrying value Carrying value Date 01/01/2021 51,324,372 06/30/2021 $2,350,000 $2,309,597 $40,403 51,283,969 12/31/2021 2,350,000 2,307,779 42,221 51,241,748 What is the stated annual interest rate? (Hint: Be sure to provide the annual rate rather than the six-month rate.) Stated annual interest rate % What is the market annual interest rate? (Hint: Be sure to provide the annual rate rather than the six-month rate.) Market annual interest rate % 6. What is the total cash paid for interest assuming the bonds mature in 20 years? Interest paid