Note: This is a Kaplan CPA Review Question
Lisa County issued $5,000,000 of general obligation bonds at 101 to finance a capital project. The $50,000 premium was to be used for payment of principal and interest. This transaction should be accounted for in the:
A) debt service funds and the general long-term debt account group only.
B) capital projects funds, debt service funds, and the general long-term debt account group.
C) capital projects funds and debt service funds only.
D) debt service funds only.
Correct Answer:
Verified
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