The city of watson reported $8,000 of deferred property tax revenues in its general fund at the end of its 2018 fiscal year. the 2018 deferred property tax revenues were collected during the last 10 months of the 2019 fiscal year. what worksheet journal entry should be made to prepare the city of watson’s 2019 government-wide financial statements?
a) revenues-property taxes $8,000
net position 8,000
b) revenues- property tax 8,000
deferred revenues-property taxes 8,000
c) deferred revenues-property taxes 8,000
revenues-property taxes 8,000
d) no entry is required

Mae jong corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of $2 par value ordinary shares. the market rate of interest on similar bonds is 12%. interest is payable annually on december 31, and the bonds were issued for total proceeds of $1,000,000. in accounting for these bonds, mae jong corp. will: (a) first assign a value to the equity component, then determine the liability component. (b) assign no value to the equity component since the conversion privilege is not separable from the bond.(c) first assign a value to the liability component based on the face amount of the bond.(d) use the “with-and-without” method to value the compound instrument.