Reference no: EM132842448
A county capital projects fund receives resources of $8,000,000 from a bond issue and a state grant of $15,000,000, to build an administration building. Both funding sources are externally restricted to the capital project. During the year contracts are signed for $20,000,000.
Problem 1: Contractors submit bills for $5,000,000 and the county pays $4,000,000. At year-end, how does the capital projects fund report fund balance?
Option 1: Restricted $4,000,000, committed $15,000,000
Option 2: Restricted $3,000,000, committed $15,000,000
Option 3: Restricted $18,000,000
Option 4: Restricted $19,000,000
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