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Which is the correct debt margin amount

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Reference no: EM132958247

The manager of the Hilton community requested that you calculate the communities debt margin based on the following information:

Assessed property valuation  $240,000,000

General obligation serial bonds  3,100,000

Approved but unissued tax-supported debt  2,500,000

Amount reserved for long-term debt  100,000

Special assessment debt  2,000,000

The rate of debt limitation applicable to the Hilton community is 6 percent of total property valuation.

Problem 1: Which of the following is the correct debt margin amount ?

Option 1: $6,800,000

Option 2: $6,900,000

Option 3: $8,800,000

Option 4: $14,400,000

Option 5: $8,900,000

Reference no: EM132958247

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