The City of Armona had the following assets and liabilities at June 30, 20X3, the end of its fiscal year all amounts are in thousands:
Additional information:
1. The city received a state grant of $300 stipulating that it could be spent at any time on equipment. To date, none of the money has been spent.
2. The city council, in a formal vote, decided to set aside another $500 for equipment purchases.
Requirement: Calculate the five components of Fund Balance.
Correct Answer:
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