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Record the effect of each transaction

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Question - Record the effect of each transaction in the provided spreadsheet.

The following items describe events that took place during the current FY that may affect the classification of Governmental Net Position in the Government-wide Statement of Net Position.

1. The town constructed a new intermediate school at a cost of $3,000,000. Construction was financed with bonds issued in the amount of $3,000,000 all of which remained outstanding at year-end.

2. Voters approved a $1,000,000 bond issue to build a new gym for the high school. The bond was issued; construction of the gym had not begun as of year-end

3. The town retired $850,000 in bonds used to finance construction of a new town hall building several years ago.

4. The town established a sinking fund into which $150,000 was placed for eventual retirement of the school construction bonds.

5. The town recorded $645,000 in depreciation expense on governmental capital assets.

6. The town sold land that had a book value of $450,000 for $600,000.

Reference no: EM131921165

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