Use the Following to Answer the Next Six Questions

question 50

Multiple Choice

Use the following to answer the next six questions:
During the fiscal year ended December 31, 2015, the City of Johnstown issued 6% general obligation serial bonds in the amount of $2,000,000 at 102 ($2,040,000) and used $1,980,000 of the proceeds to construct a fire station. The $40,000 premium was transferred to a debt service fund. The $20,000 left in the capital projects fund at the end of the project was later transferred to the debt service fund. The bonds were dated April 1, 2015 and paid interest on October 1 and April 1. The first of 10 equal annual principal payments was due on April 1, 2016.
-What would be the amount of expenditures recorded by the debt service fund for the fiscal year ended December 31,2015?

• A) $320,000.
• B) $120,000.
• C) $ 90,000.
• D) $ 60,000.

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Definitions:

Bilingual Education

An educational approach where students are taught in two languages, aiming to achieve fluency in both.

Instruction

The act of teaching or providing knowledge to someone, typically in a formal setting.

Spanish

A Romance language originating in the Iberian Peninsula and now spoken in many countries around the world.

TIMSS

An international assessment of mathematics and science knowledge of fourth and eighth graders around the world, known as the Trends in International Mathematics and Science Study.