On December 31, 2006, Dingle Township paid a contractor $2,000,000 for the total cost of a new fire station built in 2006 on township-owned land. Financing was by means of $1,500,000 general obligation bonds that were issued at face amount on December 31, 2006, and $500,000 transferred from the General Fund on that date.
-To be reported in Dingle Township's financial statements for the General Fund is (are) :
A) Expenditures, $500,000
B) Other financing uses, $500,000
C) Revenues, $1,500,000; Expenditures, $2,000,000
D) Revenues, $1,500,000; Other financing uses, $2,000,000
Correct Answer:
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