Question

Full problem is give, but ONLY NEED 9-15 ANSWERED

Prepare all entries that a state or local government should make to record the following transactions and events:

Full problem is give, but ONLY NEED 9-15 ANSWERED

1. A $2,500,000 term bond issue to finance construction of a new brige was issued at a $35,000 premium. $10,000 of bond issue costs were paid from the proceeds.
2. The bond premium, less the bond issue costs, was transferred to the Debt Service Fund for the term bonds.
3. A $400,000 contribution was paid from the General Fund to the Debt Service Fund: $150,000 for interest payments and $250,000 to provide for future principal payments.
4. Bridge construction expendtirues were vouchered, $2,480,000, for improvements.
5. The remaining unused bond proceeds of the Bridge Capital Projects Fund were transferred to the Debt Service Fund for use as needed.
6. Maturing long-term notes payable ($50,000) and interest ($30,000) were paid from a Debt Service Fund.
7. The Police Department entered into a capital lease of equipment with a capitalizable cost of $1,250,000. A $125,000 down payment was made at the inception of the lease.
8. Lease payments of $250,000, including $100,000 interest, were paid.
9. The government pays retiree health care benefits on a pay-as-you-go basis. Payments for the year totaled $400,000. The actuarially required contribution computed in accordance with the parameters required by GAAP was $3,200,000.
10. Inspection services were performed (internal services) by a department financed through the General Fund for a capital project and billed to the project, $3,000.
11. Maintenance services of $1,800 (recorded earlier as CPF expenditures) were rendered by construction workers paid from a Capital Projects Fund for a department financed through the General Fund. (Record the recognition of this correction prior to payment.)
12. a 6-month loan of $400,000 to be repaid during the current year was made from the General Fund to the Debt Service Fund.
13. A 2-year loan of $2,000,000 was made from the General Fund to a Capital Projects Fund.
14. A government sold police vehicles for $65,000. The vehicles originally cost around $480,000 when purchased and are 80% depreciated. The sale proceeds are unrestricted.
15. Cash payments for claims totaled $2,000,000. The fund liability for claims and judgements increased $100,000, to $225,000. The noncurrent portion of the payable decreased by $335,000.

Full problem is give, but ONLY NEED 9-15 ANSWERED

Answer 1

1.            Capital Projects Fund

               Expenditures – Bond Issue Costs ......................................              10,000

               Cash.....................................................................................         2,525,000

                   Other Financing Sources – Bonds..................................                                 2,500,000

                   Other Financing Sources – Premium on Bonds..............                                      35,000

               To record the issue of term bonds at a premium.

               GCA-GLTL accounts

               Net Assets...........................................................................         2,535,000

                   Term Bonds Payable.......................................................                                 2,500,000

                   Premium on Term Bonds ...............................................                                      35,000

               To record liability for term bonds issued.

2.            Capital Projects Fund

               Transfer to Debt Service Fund............................................              25,000

                   Cash................................................................................                                      25,000

            To record transfer of cash representing premium on bonds to the Debt Service Fund.

               Debt Service Fund

               Cash.....................................................................................              25,000

                   Transfer from Capital Projects Fund..............................                                      25,000

               To record receipt of cash representing premium on bonds.

3.            General Fund

               Transfer to Debt Service Fund............................................            400,000

                    Cash...............................................................................                                    400,000

               To record payment of contribution to the Debt Service Fund.

               Debt Service Fund

               Cash.....................................................................................            400,000

                   Transfer from General Fund...........................................                                    400,000

               To record receipt of contribution from the Debt Service Fund.

4.            Capital Projects Fund

               Expenditures—Capital Outlay............................................         2,480,000

                   Vouchers Payable ..........................................................                                 2,480,000

               To record bridge construction expenditures.

               GCA-GLTL accounts

               Streets and Other Infrastructure ........................................         2,480,000

                   Net Assets......................................................................                                 2,480,000

               To record bridge construction.

5.            Capital Projects Fund

               Transfer to Debt Service Fund ...........................................              20,000

                   Cash ...............................................................................                                      20,000

               To record transfer of balance from the Capital Projects Fund

                   to the Debt Service Fund.

               Debt Service Fund

               Cash ....................................................................................              20,000

                   Transfer from Capital Projects Fund..............................                                      20,000

               To record receipt of transfer from Capital Projects Fund.

6.            Debt Service Fund

               Expenditures – Note Principal Retirement..........................              50,000

               Expenditures – Interest.......................................................              30,000

                   Cash................................................................................                                      80,000

               To record.

               GCA-GLTL accounts

               Notes Payable......................................................................              50,000

                   Net Assets……………………………………..............                                      50,000

               To record retirement of notes payable.

              

7.            General Fund

               Expenditure – Capital Outlay.............................................         1,250,000

                   Other Financing Sources – Capital Lease ......................                                 1,125,000

                   Cash................................................................................                                    125,000

               To record the inception of a capital lease and the initial down

                   payment.

               GCA-GLTL accounts

               Equipment Under Capital Lease.........................................         1,250,000

                   Net Assets .....................................................................                                    125,000

                   Capital Lease Liabilities.................................................                                 1,125,000

               To record capital lease.

8.            General Fund

               Expenditures – Capital Lease Principal ..............................            150,000

               Expenditures – Interest.......................................................            100,000

                   Cash................................................................................                                    250,000                              

               To record periodic lease payments.

               GCA-GLTL accounts

               Capital Lease Liabilities......................................................            150,000

                   Net Assets......................................................................                                    150,000

               To record retirement of a portion of the capital lease liabilities.

9.            General Fund

               Expenditures—Retiree Benefits ........................................            400,000

                   Cash ...............................................................................                                    400,000

               To record payment of retiree benefits.

               GCA-GLTL accounts

               Net Assets...........................................................................         2,800,000

                   Unfunded OPEB Obligation .........................................                                 2,800,000

               To record liability for underfunded OPEB contribution.

10.          General Fund

               Due from Capital Projects Fund.........................................                3,000

                   Revenues – Inspection Service.......................................                                        3,000

               To record revenues for inspection services for Capital Projects Fund.

               Capital Projects Fund

               Expenditures – Capital Outlay............................................                3,000

                   Due to General Fund .....................................................                                        3,000

               To record cost of inspection services provided by the General Fund.

               GCA-GLTL accounts

               Construction in Progress.....................................................                3,000

                   Net Assets......................................................................                                        3,000

               To record inspection cost as capital asset cost.

11.          Capital Projects Fund

               Due from General Fund .....................................................                1,800

                   Expenditures – Capital Outlay.......................................                                        1,800                              

To record reduction of expenditures that should be reported in the General Fund.

               General Fund

               Expenditures - Maintenance................................................                1,800

                   Due to Capital Projects Fund.........................................                                        1,800                              

               To record amount due to the Capital Projects Fund.

               GCA-GLTL accounts

               Net Assets...........................................................................                1,800

                   Construction in Progress.................................................                                        1,800

               To record reduction of construction cost by reimbursement.

12.          General Fund

               Due from Debt Service Fund .............................................            400,000

                   Cash ...............................................................................                                    400,000

               To record short-term loan to the Debt Service Fund.

               Debt Service Fund

               Cash.....................................................................................            400,000

                   Due to General Fund......................................................                                    400,000

               To record short-term loan from the General Fund.

13.          General Fund

               Advance to Capital Projects Fund .....................................         2,000,000

               Fund Balance......................................................................         2,000,000

                   Cash................................................................................                                 2,000,000

                   Reserve for Advances (Nonspendable fund balance)....                                 2,000,000                              

               To record two-year advance to the Capital Projects Fund.

               Capital Projects Fund

               Cash.....................................................................................         2,000,000

                   Advance from General Fund..........................................                                 2,000,000                              

               To record two-year advance from the General Fund.

14.          General Fund

               Cash.....................................................................................              65,000

                   Other Financing Sources – Sale of Capital Assets.........                                      65,000

               To record proceeds from sale of general capital assets.

               GCA-GLTL accounts

               Net Assets...........................................................................              96,000

               Accumulated Depreciation..................................................            384,000

                   Vehicles..........................................................................                                    480,000

               To remove general capital assets upon sale.

15.          General Fund

               Expenditures – Claims and Judgments...............................         2,100,000

                   Cash................................................................................                                 2,000,000

                   Claims and Judgments Payable......................................                                    100,000

To record claims and judgments incurred and paid and due and payable.

               GCA-GLTL accounts

               Claims and Judgments Payable...........................................            335,000

                   Net Assets......................................................................                                    335,000

               To record the decrease in the claims and judgments long-term liability.