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How would the bond sale be reported

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Reference no: EM132752646

On October 1, 2019, the City of Mizner issued $6,000,000 in 4%, general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium was transferred to a debt service fund. A total of $5,968,750 was used to construct the addition, which was completed prior to June 30, 2020. The remaining funds were transferred to the debt service fund. The bonds were dated October 1, 2019, and paid interest on April 1 and October 1. The first of 20 annual principal payments of $250,000 is due October 1, 2020. The fiscal year for Mizner is July 1- June 30.

Problem 1: In addition to a $6,000,000 liability in the government-wide Statement of Net Position, how would the bond sale be reported?

Reference no: EM132752646

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