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Posted: December 20th, 2021
General capital assets are accounted
EX. 7-3
General capital assets are accounted for differently in fund and government-wide financial statements. A city engaged in the following transactions during a year: 1. It acquired computer equipment at a cost of $40,000. 2. It completed construction of a new jail, incurring $245,000 in new costs. In the previous year the city had incurred $2.5 million in construction costs. The project was accounted for in a capital projects fund. 3. It sold for $16,000 land that it had acquired three years earlier for $28,000. 4. It traded in a four-year-old sanitation department vehicle for a new model. The old vehicle had initially cost $27,000, its carrying value at the time of trade was $17,000, and its market value was $13,000. The city paid additional $39,000 cash for the new model. The fair value of the new model was $52,000. a. Prepare journal entries to reflect the transactions in an appropriate governmental fund (e.g., a general-fund or a capital projects fund). b. Prepare journal entries to reflect the transactions in the cityâs government-wide statements.
EX. 8-4
Both the reported value of long-term debt and periodic interest charges should be based on unamortized issue price (plus or minus unamortized premiums or discounts) and initial yield. The City of Fairfield issued $100 million of 20-year, 6 percent coupon bonds (3 percent per semiannual period) for $89.32 million. The price reflected a yield of 7 percent (3.5 percent period semiannual period). 1. Prepare entries to reflect how the following would be reported in the cityâs government-wide statements:
a. The issuance of the bond
b. The first semiannual payment of interest
c. The second semiannual payment of interest
2. Prepare entries to account for the same transactions in an appropriate governmental fund.
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