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The City of Matlock issues $20,000,000 face value of general obligation bonds for $19,920,000. The bonds will be used for the construction of new streets and sidewalks to make downtown more walkable.  The City incurred $100,000 in bond issue costs.  What is the amount of expenditures that the City report in its Capital Projects Fund? $108,000 $100,000 $8,000 $0

The City of Matlock issues $20,000,000 face value of general obligation bonds for $19,920,000. The bonds will be used for the construction of new streets and sidewalks to make downtown more walkable.  The City incurred $100,000 in bond issue costs.  What is the amount of expenditures that the City report in its Capital Projects Fund? $108,000 $100,000 $8,000 $0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The City of Matlock issues $20,000,000 face value of general obligation bonds for $19,920,000. The bonds will be used for the construction of new streets and sidewalks to make downtown more walkable.  The City incurred $100,000 in bond issue costs.  What is the amount of expenditures that the City report in its Capital Projects Fund?

  1. $108,000
  2. $100,000
  3. $8,000
  4. $0
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