Your city has decided to build a new library

 Your city has decided to build a new library. The projected cost is $2  million. A bond issue for $1.2 million has been authorized, and the  remainder is supposed to come from a contribution of $800,000 from the  general fund. The bonds sold for $1.3 million, a premium of $100,000.  Create the required journal entries for the following transactions:
•The budget for the library
•The payment and receipt of funds from the general fund
•The issuance of the bonds ◦Assume that the premium remained in the capital projects fund.
◦Identify all of the funds required for these entries.
◦Discuss how the bond premium could be disposed. 

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer