ACc - The City of Holland issued bonds on August 1, 2012
Question # 00026935
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Updated on: 09/28/2014 02:24 AM Due on: 09/28/2014
The City of Holland issued bonds on August 1, 2012. The interest on its bonds is paid from City of Holland Debt Service Fund on February 1 and August 1. Should the interest payable be accrued at December 31, the end of the city’s fiscal year? Why? Would you have a different answer if the interest payment dates were July 15 and January 15? Please explain
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Solution: ACc - The City of Holland issued bonds on August 1, 2012