Government and Not-for-profit Acct: Hudson City for its fiscal year ended December 31, 2003
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The following information relates to Hudson City for its fiscal year ended December 31, 2003:
? On January 31, 2003, the city purchased as an investment for its debt service fund a three-year, 6 percent, $1 million bond, for $998,000. During the year it received $3,000 in interest. At year-end the market value of the bond was $999,500.
? On December 31, 2002, the Foundation for the Arts pledged to donate $1, up to a maximum of $1,000,000, to finance construction of the city-owned art museum for each $3 that the museum is able to collect from other private contributors. During 2003, the city collected $600,000. In January and February 2004 it collected an additional $2,400,000.
? During the year the city imposed license fees on street vendors. All vendors were required to purchase the licenses by September 30, 2003. The licenses cover the one-year period from October 1, 2003, through September 30, 2004. During 2003, the city collected $240,000 in license fees.
? The city sold a fire truck for $40,000 that it had acquired five years earlier for $250,000.
At the time of sale the city had charged $225,000 in depreciation.
? The city received a grant of $2 million to partially reimburse costs of training police officers. During the year the city incurred $1,500,000 of allowable costs and received $1,200,000. It expects to incur an additional $500,000 in allowable costs in January 2004 and to be reimbursed for all allowable costs by the end of February 2004.
Select an answer from the list of amounts below. An amount may be selected once, more than once, or not at all.
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