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Which of the following recordings is made

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A city government has a nine-year capital lease for property being used within the General Fund. The lease was signed on January 1, 2010. Minimum lease payments total $90,000 starting at the end of the first year but have a current present value of $69,000. Annual payments are $10,000, and the interest rate being applied is 10 percent. When the first payment is made on December 31, 2010, which of the following recordings is made?

Government-Wide Statements

Fund-Based Statements

a. Interest Expense $-0-

Interest Expense $-0-

b. Interest Expense $6,900

Expenditures $6,900

c. Expenditures $10,000

Expenditures $10,000

d. Interest Expense $6,900

Expenditures $10,000

 

Reference no: EM13506624

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