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Scenario A: Budgeted and Actual Debt Service Transactions
Rainbow City is authorized to issue $10,000,000 4% regular serial bonds in 20×0 for the construction of a new police station. The bonds mature in equal annual amounts beginning on January 1, 20X1, for 10 years and pay interest on January 1 and July 1. The funds to pay the interest will be transferred from the General Fund. The city’s fiscal year is December 31.
Scenario B: Capital Assets Acquired Under Lease Agreements
Tangerine County needs a new county court house but does not have current funding available. Accordingly, the county entered into a lease agreement with Surf City Builders whereby the Builders would construct a new court house and lease it to the county for 30 years. The fair market value of the building is $15 million. Using a 6% interest rate, the county has agreed to make an initial payment of $1,028,050 and annual payments in the same amount at the beginning of each of the remaining 29 years. The lease includes a funding clause, which allows Tangerine County to terminate the lease agreement if the government does not appropriate funds for the lease payments, but the county does not intend to exercise the option unless there is a financial emergency. Upon completion, the building had an appraised value of $17 million and a 40-year useful life.
Scenario C: Recording and Reporting Entries
Save the Turtles is a non-for-profit organization that was incorporated in 20X0 and has a December 31 year end. Save the Turtles had the following transactions during 20X0.
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