A governmental entity issued general obligation bonds with a face value of $10,000,000 and at a premium that totaled $100,000 for a governmental capital project. The General Long-Term Liability accounts would report total liabilities as of the end of the year of issuance of

Question

Quizplus · Accepted Answer

The total liabilities reported in the General Long-Term Liability accounts would be the face value of the bonds plus the premium, which is $10,000,000 + $100,000 = $10,100,000. Therefore, option D is the correct answer.

A Governmental Entity Issued General Obligation Bonds with a Face