Preston Village engaged in the following transactions:

Preston Village engaged in the following transactions:
It issued $20 million in bonds to purchase a new municipal office building. The proceeds were recorded in a capital projects fund.
It acquired the building for $20 million.
It recognized, as appropriate, $300,000 of depreciation on municipal vehicles.
It transferred $2,060,000 from the general fund to a debt service fund.
It paid $60,000 in interest on long-term debt and repaid $2 million of principal on the same long-term debt.
It sold for $5 million village land that had been acquired for $4 million. The proceeds were recorded in the general fund.
Instructions:

Answer the following question based on the transactions outlined above.
For each of the transactions, prepare journal entries to record them in appropriate governmental funds (which are accounted for on a modified accrual basis).
Prepare journal entries to reflect how the transactions would be reflected in government-wide statements (which are prepared on a full accrual basis).
How can governments justify preparing two sets of financial statements, each on a different basis?
Requirements:
Submit your responses to the following questions in a 1-2 page document in MS Word. Label each question clearly. Please include computations in a table.
For written answers, please make sure your responses are grammatically correct and free from spelling errors.

All Rights Reserved, usbestwriters.com
Disclaimer: You will use the product (paper) for legal purposes only and you are not authorized to plagiarize. In addition, neither our website nor any of its affiliates and/or partners shall be liable for any unethical, inappropriate, illegal, or otherwise wrongful use of the Products and/or other written material received from the Website. This includes plagiarism, lawsuits, poor grading, expulsion, academic probation, loss of scholarships / awards / grants/ prizes / titles / positions, failure, suspension, or any other disciplinary or legal actions. Purchasers of Products from the Website are solely responsible for any and all disciplinary actions arising from the improper, unethical, and/or illegal use of such Products.