Reference no: EM133475266
Decides to extend sewer lines to a recently developed subdivision. The township estimates the cost will be $9.0 million. The project is to be funded first with the issuance of $6.0 million in special assessment bonds; second with a $2.0 million reimbursement grant from the state; and finally with a $1.0 million pledge (contribution) from a local construction company to cover any additional expenses. The agreement with the state is that it will award the reimbursement grant to East Whiteland Township only after $6.0 million is spent. During 2022, East Whiteland Township engages in the following transactions, all of which are recorded in a capital projects fund.
1. It issues $6.0 million in bonds at a premium of $.40 million and incurs $.13 million in issue costs. The premium, net of issue costs, is transferred to a newly established debt service fund.
2. It receives $2.0 million in cash from the state for the reimbursement grant in anticipation that the township will incur at least $2.0 million in construction costs.
3. It invests $6.6 million in short-term (less than one year) securities.
4. It issues purchase orders and signs construction contracts for $8.7 million.
5. It sells $4.0 million of its investments for $4.1 million.
6. It receives invoices totaling $7.4 million. As permitted by its agreement with its prime contractor, the township retains $.5 million pending satisfactory completion of the project. The township pays $6.9 million.
7. It recognizes the revenue earned from the reimbursement grant.
8. It receives the contribution from the local construction company as follows:
• $700,000 in 2022;
• $100,000 in January, 2023;
• $100,000 in February, 2023; and
• $100,000 in March, 2023.
9. By year-end, the investments still on hand increased in value by $.15 million. Do
a. Prepare journal entries to record the transactions in 2022, excluding closing entries.
b. Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ending December 31, 2022. Also, prepare the Balance Sheet at December 31, 2022.
|
Compare and contrast cooperative and competitive negotiation
: compare and contrast cooperative and competitive negotiation. Which one works best in the instance you selected? Why?
|
|
What are the human factors that influenced the situation
: What are the human factors that influenced the situation? Which leadership principles and concepts were present? Were the pillars of leadership apparent?
|
|
How counselors understand counselees and task of counseling
: Determine the implications of the imago Dei for how counselors understand counselees and the task of counseling.
|
|
Debate relative merits of fixed and floating exchange rate
: Debate the relative merits of fixed and floating exchange rate regimes. From the perspective of an international business, what are the most important criteria
|
|
Prepare the statement of revenues, and expenditures
: Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ending December 31, 2022. Also, prepare the Balance Sheet at December
|
|
Write about personal statement for nursing anesthetic school
: Write about personal statement for nursing anesthetic school for admission as a medsurg nurse in the united state and ICU nurse both in Ghana and united state.
|
|
How immigration from within the united states affects texas
: We often discuss the ways immigration outside of the United States affects Texas demographics and the state as a whole;
|
|
Bumper stickers to represent democrats
: If you had to come up with bumper stickers to represent Democrats, Tea-Party Republicans, establishment Republicans, or Libertarians,
|
|
How does clifford critical understanding of this type
: How does Clifford's criticalunderstanding of this type of knowledge-production compare with that of theother writers we have encountered in the course?
|