Fund-based finacial statements


Cash of $90,000 is transferred from a city's General Fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The plice station is built for $1.9 million. Prepare all necessary journal entries for these transactions for fund-based and governemental-wide-financial statements. assume that the city does not record the commitment. What information do the government-wide financial statements present? What information do the fund-based finacial statements present?

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Accounting Basics: Fund-based finacial statements
Reference No:- TGS056176

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