Reference no: EM131850250
Prepare journal entries for all funds, as appropriate, to record these transactions, and post the journal entries to T-accounts for each fund.
1. To provide financing for a new police station, Podunk sold bonds on April 1, 2016, in the amount of $1,500,000. Bond principal is payable over a 10-year period in 20 equal semiannual installments of $75,000, with interest of 6 percent per annum on the unpaid balance. The first payment is due on October 1, 2016.
2. Podunk purchased a prefabricated police station and paid $1,500,000 for it on delivery. The building, ready for occupancy on July 1, 2016 was expected to have a useful life of 25 years.
3. The General Fund transferred $135,000 to the Debt Service Fund in anticipation of the first installment of debt service.
4. The first installment of debt service became due and payable on October 1, 2016.
5. The first installment of debt service was paid.
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