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A city engaged in the following transactions during a year:
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Check My Assignment!- It acquired computer equipment at a cost of $40,000.
It completed construction of a new jail, incurring $245,000 in new costs. In the previous year the city had incurred $2.5 million in construction costs. The project was accounted for in a capital projects fund - It sold for $16,000 land that it had acquired three years earlier for $28,000.
- It traded in a four-year-old sanitation department vehicle for a new model. The old vehicle had initially cost $27,000, its carrying value at the time of trade was $17,000, and its market value was $13,000. The city paid an additional $39,000 cash for the new model. The fair value of the new model was $52,000.
Now let’s examine the results for Exercise 8-7, differentiating transactions of debt between the two entities. (a. = General Fund, b. = Governmentwide Statements)
- City employees earned $7.7 million in vacation pay during the year, of which they took only $6.6 million. They may take the balance in the following three years.
- The employees were paid $0.5 million for vacations that they had earned in previous years.
- The city settled a claim brought against it during the year by a building contractor. The city agreed to pay $10 million immediately and $10 million at the end of the following year.
- The city issued $100 million in general obligation bonds at par.
- It paid $4 million in debt service. Of this, $3 million was for the first payment of interest, the balance for repayment of principal.
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