Assuming that the assessed valuation of property within the City of Bingham is $452,700,000, and the legal general obligation debt limit is 7.5 percent of assessed valuation, compute the legal debt margin of the city as of December 31, 2020. Prepare a schedule in good form showing calculation of the legal debt limit, debt subject to the limit, and debt margin.

Dakota company experienced the following events during 2016. 1. acquired $30,000 cash from the issue of common stock. 2. paid $12,000 cash to purchase land. 3. borrowed $10,000 cash. 4. provided services for $20,000 cash. 5. paid $1,000 cash for utilities expense. 6. paid $15,000 cash for other operating expenses. 7. paid a $2,000 cash dividend to the stockholders. 8. determined that the market value of the land purchased in event 2 is now $12,700