Government and non-profit help for accounting

wnavryrr0413
timer Asked: Jan 8th, 2015

Question Description

(Advance Refunding) Record the following simple transactions in the Debt Service Fund of Ledford County.

·  1. The county issued $50,000,000 of refunding bonds at par to provide most of the financing to refund $60,000,000 of outstanding bonds.

·  2. The county transferred $5,000,000 from the General Fund to the fund from which the outstanding bonds are to be defeased.

·  3. The county paid $55,000,000 into an irrevocable trust established in a manner that defeased in substance the $60,000,000 of previously outstanding bonds.


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