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Note: This Is a Kaplan CPA Review Question

question 75

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Note: This is a Kaplan CPA Review Question
Lisa County issued $5,000,000 of general obligation bonds at 101 to finance a capital project. The $50,000 premium was to be used for payment of principal and interest. This transaction should be accounted for in the:


Definitions:

Administrative Tribunals

Specialized government bodies that make judicial decisions on a wide range of administrative and regulatory issues.

Statute

A statute is a formal written law enacted by a legislative body, as opposed to laws derived from judicial decisions (common law) or executive actions.

Order-In-Council

A formal decision made by the executive branch of government, often requiring approval from the head of state or their representatives.

Administrative Bodies

Organizations or agencies created by the government to implement laws, regulations, and public policies.

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