Delight City Bus System is accounted for in an enterprise fund. Delight City Bus System had the following transactions for 2015.

Please help with section B in bold below.
B. Delight City Bus System is accounted for in an enterprise fund. Delight City Bus System had the following transactions for 2015.

Delight City Bus System issued $10,000,000 is 8 percent revenue bonds. The bonds were issued at par.
Delight City Bus System used the proceeds from the bond issue to acquire new buses.
Delight City Bus System accrued nine month’s interest ($600,000) at year end.
Delight City Bus System incurred $50,000 of repair costs paying for them with cash.

Required:
a. Prepare appropriate journal entries.
b. Which financial statements would be required for Delight City Bus System for the year end June 30, 2015? State the titles and show the general format of the classifications that would be reported in each of the required financial statement.
c. Edgerton County has a duplication service center that it accounts for in an internal service fund. During 2015 Edgerton County duplication service center had the following transactions:
1. The general fund made an initial cash contribution of $35,000 to the internal service fund.              
2. The Edgerton County duplication service center purchased copiers that were accounted for as Equipment and paid cash in the amount of $70,000.
3. The Edgerton County duplication service center borrowed $270,000 from a local bank to finance the purchase of additional equipment and renovation of its facilities. It issued a three-year note.
4. The Edgerton County duplication service center purchased the equipment for $160,000 and paid contractors $100,000 for improvements to its facilities – cash was paid.
5. The Edgerton County duplication service center billed the county clerk’s office $5,000 for printing services; the duplication service center then received $2,500 cash from the county clerk’s office.
6. The Edgerton County duplication service center incurred and paid in cash operating expenses for $9,000.                                           
7. The Edgerton County duplication service center recognized depreciation in the amount of $1,500 on its equipment and recognized depreciation in the amount of $900 on the improvements to its facilities.
Required:
a. Prepare journal entries in the internal service fund.
b. Which financial statements would be required for Edgerton County duplication service center for the year ended July 31, 2015? State the titles and show the general format of the classifications that would be reported in each of the required financial statement

"Is this question part of your assignment? We will write the assignment for you. Click order now and get up to 40% Discount"