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Why must these entries be included in the spreadsheet

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Reference no: EM132101342

Question - The Village of Florence is preparing its Government-Wide financial statements from its Fund financial statements. The Village records an outstanding Bond Liability with a book value of $200,000 at the beginning of the year that requires a principal payment of $10,000 per year. Its records also indicate that it borrowed $40,000 on new Bonds during the year.

Required:

a. What two journal entries must the Village include in its Government-Wide financial statement spreadsheet relating to its Bond Liability?

b. Why must these entries be included in the spreadsheet?

Reference no: EM132101342

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