From records available in various offices of baraga county

Reference no: EM13572424

From records available in various offices of baraga county, you find the following information about changes in long-term liabilities of the county during the year ended June, 2012:

1)At the end of the 2011 fiscal year, $500,000 was still outstanding on an issue of a 3% serial bond that matures at the rate of $250,000 per year. The payment during fiscal year 2012 has been made by the debt service fund.

2) Baraga County council decided to fund a General fund deficit with an issue of 4 year notes totaling $480,000. The notes where issued on July 1, 2011, and were to retired at the rate of $120,000 per year; the first payment was to be made on July 1, 2012 by the debt service fund.

3) At the end of the 2011 fiscal year, $100,000 par value general obligastion serial bonds were outstanding, from an original amount of $400,000. Annual maturities of $25,000 have been paid on December 31 of each year.

4) In FY 2011 an issue of 7% serial bonds was sold in the amount of $6,000,000. The issue matures at the rate of $300,000 per year. The firs payment was made in FY 2012.

5)On june 30,2011 the county had outstanding $200,000 of 4% serial bonds that had been issued to finance a revenue-producing recreation facitlity. On June 1, 2012 bonds in the amount of P,000 were paid. The bonds are being paid form enterprise revenues; they carry a convenant that obligates the county to levy taxes to service the debt if enterprise revenues are insufficient. It is expected that enterprise revenues will be suffiecient to retire the bonds on schedule.

6) During FY 2012 a $300,000 issue of 6% term bonds matured, with little provisiion having been made for their payment. The bonds were closely held, and arrangements where made with holders of all but $25,000 to accept 8% refunding serial bonds. Cash was paid to creditors who declined to accept refunding bonds.

Prepare a schedule disclosing the changes in long-term liabilities for Baraga County for the year ended June 30,2012 You do not need to include amount due with one year.

Reference no: EM13572424

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