On January 1, 20x7, Clyde County issued $100 million of 5%,20-year bonds at 102.

Question

On January 1, 20x7, Clyde County issued $100 million of 5%,20-year bonds at 102. Interest is payable semiannually. Theproceeds were restricted for the construction of a new county waterpurification plant for its Water Enterprise Fund.

1. The bond issuance should be reflected in the Water FundStatement of Revenues, Expenses, and Changes in Net Assets as

A. Revenues of $102 million

B. Other financing sources of $102 million.

C. Revenues of $100 million.

D. Other financing sources of $100 million.

E. None of the above.

Explanation / Answer

1 The bond issuance should be reflected in the WaterStatement of revenues , expenses , and changes in Net assets as D Other Financing sources of $100Million.

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