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Question - During the fiscal year ended December 31, 2020, the City of Johnstown issued 5% general obligation serial bonds in the amount of $2,000,000 at 102 ($2,040,000) and used $1,990,000 of the proceeds to construct a fire station. The $40,000 premium was transferred to a debt service fund. The $10,000 left in the capital projects fund at the end of the project was later transferred to the debt service fund. The bonds were dated April 1, 2020 and paid interest on October 1 and April 1. The first of 10 equal annual principal payments was due on April 1, 2021.
Required - What would be the amount of expenditures recorded by the debt service fund for the fiscal year ended December 31, 2021?
USAco's gross receipts for the year are $200 million. Under what circumstances would USAco be potentially subject to the Code Sec. 6662(e) substantial valuation misstatement penalty?
ludwig enterprises makes only one product. the company has a theoretical capacity of 50000 unit annually. practical
lopez company began operations on january 1 2010 and it estimates uncollectible accounts using the allowance method.
Can you use your Time Value of Money skills to help guide your neighbor if she should go for re-financing? You can guide her in terms of helping her understand her current interest expense versus future interest expense
Write a report to management, specifically explaining: the purpose of the impairment test, how the existence of goodwill will affect the impairment test and the basic steps to be followed in applying the impairment test.
Brandi had the following transactions: a long-term capital gain from the sale of land, How are these transactions treated for income tax purposes
If the partnership sells the property contributed by Desmond for $360,000, how is the tax gain allocated between the two partners?"
The expenses include an accrual for bad debt expense of $9,950 in Year 1 and $9,650 during Year 2. How much will be reported as deferred income taxes
the following information applies to the questions displayed below.petes tennis shop has the following transactions
At January 1, 2014, Wembley Company had plan assets of $250,000 and a defined benefit obligation of the same amount. During 2014, service cost was $27,500.
The variable cost per widget is $40, Total fixed costs per month are $210,000. How many widgets does the company need to sell each month to break even
No dividends have been paid since December 31, 2010. Instructions - Calculate how much the preferred and common shareholders will receive
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