# Problem 11. (60 points possible). The City of Abernathy, NY is a quiet town in upstate New York that is sixty miles east of Buffalo. The town…

### Calculate the price of your order:

275 words
+
Approximate price
\$ 0.00

I have two problems for chapter 5,6,7,8 (from ACC 639 Governmental and Not-For-Profit Accounting) needed to answer. Thanks for responsing!

• Attachment 1
• Attachment 2
• Attachment 3
• Attachment 4
• Attachment 5
• Attachment 6
• Attachment 7
• Attachment 8
• Attachment 9
• Attachment 10
• Attachment 11
• Attachment 12
• Attachment 13
• Attachment 14
• Attachment 15
• Attachment 16
Problem 11. (60 points possible). The City of Abernathy, NY is a quiet town in upstate New York that is sixty miles east ofBuffalo. The town operates a general fund, capital projects fund, debt service fund, and aspecial revenues fund. The ﬁscal year end is December 31. The City is about to begin the 2018 ﬁscal year (FY 2018) set to begin January 1, 2018 and ending December 31,2018. Instructions: For each question below, provide the journal entry(ies) for each selectedtransaction for the speciﬁc ﬁrnd indicated. No subsidiary journal entries will be required. During ﬁscal year (FY 2013′), on October 1, 2017, the City of Abernathy’s capitalprojects fund issued \$1,800,000 of 20-year serial bonds, bearing a 5% stated rate per yearwith interest payable on October Is! and April Is! of each ﬁscal year. In addition, eachyear on April I, a principal redemption of \$90,000 is paid to bondholders of record. Thebond proceeds were used in late 2017 to partially ﬁnance the construction of a newbuilding for a truck weight station that will be used to measure transport weight andcargo holdings for trucks on Interstate 95. The remaining monies are expected inFebruary 2018 from the U.S. Department of Transportation as part of the federal stimuluslegislation (The American Recovery and Reinvestment Act of 2009, PL. 1 1 1-5) in theamount of \$620,000, which will be received in the Special Revenues Fund and thentransferred to the Capital Projects Fund. The total construction costs are estimated at\$2,420,000 and will take less than ﬁve months to construct. The project commencedconstruction in FY 2018. On April 1, 2017, prior to the serial bond issuance, Abernathy needed seed monies toinitiate the construction of the weigh station and borrowed \$100,000 of bond anticipationnotes with an interest rate of 8.25%. These bond anticipation notes (BAN) were borrowed from JP. Morgan Chase and were expected to be repaid in entirety, plusinterest, with proceeds of the serial bonds issued later that year. April 1, 2017. CAPITAL PROJECTS FUND. Record the issuance of the bondanticipation notes in the Capital Projects Fund:

### Basic features

• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee

### On-demand options

• Writer's samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources

### Paper format

• 275 words per page
• 12pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, CHicago/Turabian, Havard)

### Guaranteed originality

We guarantee 0% plagiarism! Our orders are custom made from scratch. Our team is dedicated to providing you academic papers with zero traces of plagiarism.

### Affordable prices

We know how hard it is to pay the bills while being in college, which is why our rates are extremely affordable and within your budget. You will not find any other company that provides the same quality of work for such affordable prices.

### Best experts

Our writer are the crème de la crème of the essay writing industry. They are highly qualified in their field of expertise and have extensive experience when it comes to research papers, term essays or any other academic assignment that you may be given!

## Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
\$0.00

### Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.

error: Content is protected !!
Reliance Papers Inc.
Get Help With All Your Homework Questions. Any Deadline, Affordable, Quality Work Guaranteed!!