The East Eanes School District engaged in or was affected

The East Eanes School District engaged in or was affected by the following events and
transactions during its fiscal year ending June 30, 2018.1. Teachers and other personnel
earned $350,000 in vacations and other compensated absences that they did not take but for
which they expect to be paid in the future.2. The district settled a suit brought by a student,
agreeing to pay $3 million by December 31, 2019.3. The district issued $8 million in GO bonds
to finance an addition to its high school. By year-end, it had expended $1 million in construction
costs.4. The district signed a three-year lease for office space. Annual rent is $40,000 per
year.5. It acquired school buses and other vehicles, financing them with an eight-year capital
lease. Annual lease payments are $140,000. Had the district purchased the equipment outright,
the price would have been $869,371, reflecting an interest rate of 6 percent.6. The district
transferred $500,000, representing the final year's principal payment, to a reserve fund required
by the bond indenture.7. To smooth out cash flows, the district issued 90-day tax anticipation
notes of $950,000.8. The district paid teachers and other personnel $150,000 for compensated
absences earned in previous years.a. For each event, prepare the entries (as required) to
record the transactions in the general fund or whatever other governmental fund seems most
appropriate.b. Prepare the entries that would be needed to reflect the transactions and events in
the district's government- wide statements.View Solution: The East Eanes School District
engaged in or was affected
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