Determine interest payment on outstanding serial bonds, Financial Accounting

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Determine interest payment on outstanding serial bonds

Response to the following problem:

The general fund collected $825,000 in accrued taxes, which was transferred to the debt service fund; $600,000 of this amount was used to retired outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds.

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Financial Accounting: Determine interest payment on outstanding serial bonds

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