Business, 29.04.2021 01:00, pinapunapula
At the start of 2020, Hollywood Capital Project fund had no assets or liabilities. Prepare journal entries to record the transactions in the capital project fund. 22. Hollywood undertook construction of a new police station, designed to house both the Hollywood police and the county sheriff and to serve as detention center. To finance construction, Hollywood received a cash grant of $1,000,000 from the county as a cash advance pending incurrence of expenditures. It also sold $2,000,000 of 20-year general obligation bonds. The bonds, sold on April 1, 2020, at par were to be redeemed in equal semiannually installments of principal, with interest on the unpaid balance at a rate of 5% per annum, starting October 1, 2020.
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At the start of 2020, Hollywood Capital Project fund had no assets or liabilities. Prepare journal e...
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