The following entries were in the governmental funds.
Required:
Part A.What is the worksheet entry required to adjust beginning net assets in the 12/31/2014 government-wide financial statements for long term debt?
Part B.What are the worksheet entries to adjust for current year activity in long-term debt for the year ended 12/31/2014?
Assume interest for the year is due on 12/31 and the bond premium is amortized on the straight line basis.
Correct Answer:
Verified
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