This topic contains a solution. Click here to go to the answer

Author Question: A local government purchased land to be used for a new city hall to be built within the next five ... (Read 80 times)

james9437

  • Hero Member
  • *****
  • Posts: 568
A local government purchased land to be used for a new city hall to be built within the next five years. The purchase price was for the land's fair value, 1,500,000 .
 
  The government financed the required 150,000 down payment by securing a short-term note with a local lending institution. The remaining 1,350,000 was financed by issuing certificates of participation. Costs incurred in issuing the certificates of participation totaled 60,000 . The land should be capitalized in the General Capital Assets account in the amount of
  A. 1,350,000.
  B. 1,410,000.
  C. 1,500,000.
  D. 1,560,000.

Question 2

If an owner wanted to know how money flowed into and out of the company, which financial statement would theowner use?
 a. income statement
  b. statement of cash flows
  c. balance sheet
  d. statement of retained earnings



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

poopface

  • Sr. Member
  • ****
  • Posts: 339
Answer to Question 1

C

Answer to Question 2

b




james9437

  • Member
  • Posts: 568
Reply 2 on: Jul 5, 2018
Gracias!


xiazhe

  • Member
  • Posts: 331
Reply 3 on: Yesterday
Great answer, keep it coming :)

 

Did you know?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Did you know?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

For a complete list of videos, visit our video library