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Use the Following to Answer the Next Five Questions

question 45

Multiple Choice

Use the following to answer the next five questions:
On October 1, 2013, the City of Mizner issued $3,500,000 in 4%, general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium was transferred to a debt service fund. A total of $3,475,000 was used to construct the addition, which was completed prior to June 30, 2014. The remaining funds were transferred to the debt service fund. The bonds were dated October 1, 2013, and paid interest on April 1 and October 1. The first of 20 annual principal payments of $175,000 is due October 1, 2014. The fiscal year for Mizner is July 1- June 30.
-What would be the amount of debt service expenditures reported in the fiscal year ended June 30,2015?

Definitions:

Massive Tax Cut

A significant reduction in the rate of taxes imposed by a government, often aimed at stimulating economic growth or achieving other policy objectives.

Domestic Agenda

Refers to the set of plans and policies that a government aims to implement within its own country, focusing on issues like health, education, and the economy.

George W. Bush

The 43rd President of the United States, serving from 2001 to 2009, known for leading the nation during the 9/11 attacks and initiating the Iraq War.

Osama Bin Laden

A Saudi Arabian-born militant who founded the international terrorist organization al-Qaeda, known for orchestrating the September 11, 2001, attacks on the United States.