Business, 09.10.2021 20:10 gianni0

The City of Frost has a 20-year debt outstanding. On the last day of the current year, this debt has an outstanding balance of $4.8 million, and five years remain until it comes due. On the current date, the debt is paid off early for $5 million. A new debt is issued (with a lower interest rate) for $5.4 million. How is the $200,000 difference between the amount paid and the outstanding balance of $4.8 million reported on government-wide financial statements

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The City of Frost has a 20-year debt outstanding. On the last day of the current year, this debt has...