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How much should be reported as net change in fund balance

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Reference no: EM133018706

Problem - Jerusalem City constructs a new city hall with total cost $10 million. The construction is financed with: (1) a transfer of $1 million from the General Fund; (2) a grant of $5 million from the federal government; (3) bond proceeds of $3 million; and (4) earnings of $600,000 from investment. All transactions occured in the current year. Based on the preceding set of facts, how much should be reported as net change in fund balance?

a. 400,000

b. 550,000

c. (400,000)

d. 320,000

Reference no: EM133018706

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