A $910,000 bond was issued on October 1, 2011 to build a new road. The bonds carried a 6% interest rate and are due in 10 years.
Required:
(A) Prepare the required journal entry in the Capital Projects Fund on October 1 for the Fund-Based Financial Statements.
(B) Prepare the required journal entry for the Government-Wide Financial Statements.

Question

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The Answer of A $910,000 bond was issued on October 1, 2011 to build a new road. The bonds carried a 6% interest rate and are due in 10 years.
Required:
(A) Prepare the required journal entry in the Capital Projects Fund on October 1 for the Fund-Based Financial Statements.
(B) Prepare the required journal entry for the Government-Wide Financial Statements.

A $910,000 Bond Was Issued on October 1, 2011 to Build