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Essentials of Accounting for Governmental and Not-for-Profit Organizations - page 5 / 19

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Conversion adjustments: Long-term Debt

1. Beginning of the year long-term liabilities of  government funds are added to the governmental activities.

2. Convert this year’s “bond proceeds” to bond liability (and premium if applicable)

3. Eliminate balance in “expenditure - bond principal” and reduce the balance of the liability

4. Amortize premium/discount amortization

5. Accrue interest on bonds outstanding

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