A county had borrowed $18,000,000 to finance construction of a general government capital…

A county had borrowed $18,000,000 to finance construction of a general government capital project. The debt will be serviced from collections of a special assessment levy made for the project. The county levied the special assessments in 20X8. Ten percent of the assessments are due in 20X8. The 20X8 and early 20X9 collections on the assessments total $1,500,000. The amount of special assessments revenue that should be recognized in the county’s Special Assessments DSF for 20X8 is

a. $0. Special assessments are reported as other financing sources.

b. $1,500,000.

c. $1,800,000.

d. $18,000,000.



A government paid $3,500,000 to its fiscal agent on June 30, 20X6, to provide for principal ($2,000,000) and interest payments due on July 1, 20X6. The fiscal agent will make payments to bondholders on July 1. The payment to the fiscal agent does not constitute legal or in-substance defeasance of the principal and interest payments. If the government uses the option of accruing its principal and interest expenditures due early in the next year, which of the following assets and liabilities should be reported in the government’s DSF balance sheet at June 30, 20X6?

a. No assets or liabilities from the preceding information would be reported because the government has paid the fiscal agent.

b. Cash with fiscal agent, $3,500,000.

c. Cash with fiscal agent, $3,500,000. Matured bonds payable, $2,000,000. Matured interest payable, $1,500,000.

d. Cash with fiscal agent, $3,500,000. Accrued interest payable, $1,500,000.


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