In the Current Fiscal Year, St

Essay

In the current fiscal year, St. George County issued $3,000,000 in general obligation term bonds for 102. The county is required to use any accrued interest or premiums for servicing the debt issue.
a. How would the bond issue be recorded at the fund and government-wide levels?
b. How would the bond issue be reported in the fund financial statements and the government-wide financial statements?
c. What effect, if any, do interest payments have on the carrying value of the bond issue as reported in the financial statements?