Journalize the Following Municipal Zoo Transactions in the Lackluster County

question 20

Essay

Journalize the following municipal zoo transactions in the Lackluster County Enterprise Fund:
1.The zoo issued $1,000,000 of 5% revenue bonds at 99 on July 1,2011 (an interest payment date).The bond proceeds are to be used for a new polar bear exhibit and the issue will mature in 20 years.Interest is paid on January 1 and July 1.
2.Depreciation for the year-ended December 31,2011 included $175,000 for buildings and $105,000 for outdoor exhibit areas.
3.The zoo paid $800,000 in construction costs for the new exhibit.The exhibit is still under construction.
4.Interest on the revenue bonds was accrued at year-end,December 31,2011.Straight-line amortization is used for bond discounts and premiums.

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Definitions:

Wolf

A carnivorous mammal from the Canidae family, native to the wilderness and remote areas of Eurasia and North America, known for its complex social structures and pack behavior.

Wild Plant Domestication

The process by which humans have modified plants from their wild forms through selective breeding and cultivation to create crops.

Mesopotamia

An ancient region located in the eastern Mediterranean, known as the cradle of civilization for its early development of writing, cities, and states.

American Indians

The indigenous peoples of the Americas, commonly referred to as Native Americans in the United States.