The City of New Haven Issued $20 Million of Tax-Supported

question 26

Multiple Choice

The City of New Haven issued $20 million of tax-supported bonds at 102 to finance a new jail. Upon issuance, how will the premium be recorded? 

• A) A $400,000 revenue to the capital projects fund and a $400,000 revenue in governmental activities.
• B) A $400,000 revenue to the debt service fund and a $400,000 premium on bonds payable in governmental activities.
• C) A $400,000 expenditure in the debt service fund and a $400,000 expense in governmental activities.
• D) A $400,000 other financing source to the debt service fund and a $400,000 premium on bonds payable in governmental activities.

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