Business, 25.03.2021 19:30 scarbroughmary0

Residents from the Town of Mountain View authorized a $5,000,000 renovation to their historic town hall on November 15, 2019. Financing for the project consists of $2,500,000 from a 5 percent serial bond issue, $1,500,000 from a state grant, and $1,000,000 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. Required Prepare all necessary 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. You may ignore entries in the general fund. The town has a calendar year-end. a. Record the 2020 budget for the Serial Debt Service Fund. Sales tax of $350,000 are expected to be collected in 2020. The only appropriation is expected to be six months of interest on the serial bonds.

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Residents from the Town of Mountain View authorized a $5,000,000 renovation to their historic town h...

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