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Home Q & A Board Other Fields Homework Help Business Accounting
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derro derro
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6 years ago
Monica City paid $6,000,000 to its fiscal agent to be placed in an irrevocable trust to be used to service an outstanding $5,000,000 general obligation bond issue and those bonds are deemed defeased in-substance. The payment included $3,000,000 of proceeds from the issuance of new general obligation bonds and $3,000,000 that had been accumulated over the years to service the old debt. The city should report the payment to the fiscal agent in its Debt Service Fund as
A.Other financing uses of $6,000,000.
B.Expenditures of $6,000,000.
C.Other financing uses of $3,000,000 and expenditures of $3,000,000.
D.Other financing uses of $5,000,000 and expenditures of $1,000,000.
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Governmental and Nonprofit Accounting

Governmental and Nonprofit Accounting


Edition: 11th
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freshcofreshco
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6 years ago
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derro Author
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6 years ago
Helps a lot... Now I'm ready for my quiz
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