How much of temporarily restricted funds did the college expend during the year? Is this the money released from Temporarily restricted assets to unrestricted?

During fiscal year 2019, the voters of the City of Bingham approved the issuance of 3 percent tax-supported serial bonds in the face amount of $7,500,000 to construct and equip an annex to the City Hall. The bonds are to mature in blocks of $312,500 every six months over a 12-year period commencing January 1, 2021.

Required

1. Prepare general journal entries as necessary to record the following transactions in the general journals of the City Hall Annex Construction Fund and, if applicable, in the governmental activities general journal at the government-wide level. Do not record entries at this time in any other affected funds; those entries will be made in later chapters of this cumulative problem that cover those funds. Use account titles listed under the drop-down [Account] menu. Be sure the year 2020 is selected from the dropdown [Year] menu and the appropriate paragraph number shown in bold-face font below is in the [Description] field.

1. [Para. 5a-1] On the first day of the 2020 fiscal year (January 1, 2020), the bond issue was sold at 101. Cash in the face amount of the bonds, $7,500,000, was deposited in the City Hall Annex Construction Fund; the premium was deposited in the debt service fund, as required by state law.  

Required: Record these transactions in the City Hall Annex Construction Fund and governmental activities journals. (Hint: In addition to recording the liability for 3% serial bonds payable in the governmental activities journal, you should record the premium on the bonds payable [credit Premium on Serial Bonds Payable] in the governmental activities general journal.) Wait until instructed in Chapter 6 to make the corresponding entry in the debt service fund.

2. [Para. 5a-2] The city invested $5,000,000 of the bond proceeds in 90-day notes.

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.

3. [Para. 5a-3] The City Hall Annex Construction Fund purchased land for the annex for $450,000. This amount was vouchered.

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. In the governmental activities general journal at the government-wide level, this purchase should be debited to Land. (Note: This transaction was not encumbered.)

4. [Para. 5a-4] A contract for architectural services was signed at an estimated amount of $350,000 for the design of the City Hall Annex.

Required: Record the encumbrance in the City Hall Annex Construction. This transaction has no effect at the government-wide level.

5. [Para. 5a-5] Legal and other capitalizable costs of the bond issue were vouchered in the amount of $165,000.

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. (Note: This transaction was not encumbered.)

6. [Para. 5a-6] Preliminary plans were received (related to the contract signed in paragraph 5a-4) for which architectural fees of $103,000 were vouchered.

Required: Eliminate the encumbrance and record a Vouchers Payable liability in the City Hall Annex Construction Fund and governmental activities journals, as appropriate.

7. [Para. 5a-7] Construction bids were opened and analyzed. A contract was signed with the firm that submitted the winning bid of $6,000,000. A provision of the contract permits the city to withhold 5 percent of payment pending final acceptance of the completed project.

Required: Record the signing of the contract in the City Hall Annex Construction Fund general journal. This transaction has no effect at the government-wide level.

8. [Para. 5a-8] Vouchers payable were recorded in the amount of $240,000 for the final architectural plans and specifications for the construction project (see para. 5a-4).

Required: Eliminate the remaining encumbrance for the architectural services and record a Vouchers Payable liability in the City Hall Annex Construction Fund and governmental activities journals, as appropriate.

9. [Para. 5a-9] The 90-day notes matured, paying $37,500 in interest (see para. 5a-2).

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. The interest should be recorded as general revenue in the governmental activities journal.

10. [Para. 5a-10] The contractor submitted a billing for $3,000,000. This amount was recorded as a contract payable.

Pearl Corp. is expected to have an EBIT of $2,800,000 next year. Depreciation, the increase in net working capital, and capital spending are expected to be $160,000, $125,000, and $165,000, respectively. All are expected to grow at 18 percent per year for four years. The company currently has $14,500,000 in debt and 950,000 shares outstanding. After Year 5, the adjusted cash flow from assets is expected to grow at 2.5 percent indefinitely. The company’s WACC is 9.4 percent and the tax rate is 25 percent. What is the price per share of the company's stock? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

The following are several transactions of Ardery Company that occurred during the current year and were recorded in permanent (that is, balance sheet) accounts unless indicated otherwise:

The following information also is available:

Required:

Bonds often pay a coupon twice a year. For the valuation of bonds that make semiannual payments, the number of periods doubles, whereas the amount of cash flow decreases by half. Using the values of cash flows and number of periods, the valuation model is adjusted accordingly.

Assume that a $1,000,000 par value, semiannual coupon US Treasury note with four years to maturity has a coupon rate of 4%. The yield to maturity (YTM) of the bond is 7.70%. Using this information and ignoring the other costs involved, calculate the value of the Treasury note:

a) $1,049,602.92

b) $874,669.10

c) $551,041.53

d) $743,468.74

Based on your calculations and understanding of semiannual coupon bonds, complete the following statement:

When valuing a semiannual coupon bond, the time period variable(N) used to calculate the price of a bond reflects the number of periods remaining in the bond’s life.

You have an opportunity to invest $103,000 now in return for $80,200 in one year and $29,300 in two years. If your cost of capital is 8.9%​, what is the NPV of this​ investment?

The NPV will be ​$____. ​(Round to the nearest​ cent)

If you were given a large data set, such as the sales over the last year of our top 100 customers, what might you be able to do with these data? What might be the benefits of describing the data?

The mean per capita consumption of milk per year is 133 liters with a variance of 576.

If a sample of 195 people is randomly selected, what is the probability that the sample mean would differ from the true mean by less than  3.62  liters? Round your answer to four decimal places.