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Problem - A special district's balance sheet may not capture its economic resources and obligations.
A special district accounts for its general fund (its only fund) on a modified accrual basis. In a particular period, it engaged in the following transactions:
It issued $20 million in long-term bonds.
It acquired several tracts of land at a total cost of $4 million, paying the entire amount in cash.
It sold a portion of the land for $1 million, receiving cash for the entire amount. The tract sold had cost $0.8 million.
It repaid $2 million of the bonds.
It lost a lawsuit and was ordered to pay $9 million over three years. It made its first cash payment of $3 million.
Required - Prepare journal entries to record the transactions in the general fund.
Calculate taxable income for AST Records. You should assume that taxable income will be the same regardless of the form of the entity
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