The county of Santa Clara is building a new park. The main financing source will...
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The county of Santa Clara is building a new park. The main financing source will be a $1,000,000 bond issue. In addition, the general fund will transfer $100,000 transfer to fund the capital project. Please record the journal entries for the Debt Service Fund and the Government-Wide financial statements. 1. The $1,000,000 bonds were issued at par on 1/1. The bonds have the annual interest of 5% with semiannual interest payments on 6/30 and 12/31. $50,000 principal will be paid every June. 2. Prepare the budgetary entries. 3. Prepare the entries to record interest and principal payment on 6/30. 4. Prepare the entries to record interest and principal payment on 12/31. 5. Prepare closing entries. 6. Is this bond a serial bond or term bond? Please rewrite transaction 1 assuming that it was the other type of bond
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