Business, 14.04.2020 21:41 mvasquez3122p4vahv

On December 31, Year 1, Elm Village paid a contractor $4,500,000 for the total cost of a new Village Hall built in Year 1 on Village‐owned land. Financing for the capital project was provided by a $3,000,000 general obligation bond issue sold at face value on December 31, Year 1, with the remaining $1,500,000 transferred from the General Fund. What account and amount should be reported in Elm's 2005 financial statements for the General Fund?

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On December 31, Year 1, Elm Village paid a contractor $4,500,000 for the total cost of a new Village...

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