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Flora City Is Accumulating Financial Resources That Are Legally Restricted

Question 41

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Flora City is accumulating financial resources that are legally restricted to payments of general long-term debt principal and interest maturing in future years. At year-end, $7,000,000 has been accumulated for principal payments, and $2,200,000 has been accumulated for interest payments. These restricted funds should be accounted for in the Flora City is accumulating financial resources that are legally restricted to payments of general long-term debt principal and interest maturing in future years. At year-end, $7,000,000 has been accumulated for principal payments, and $2,200,000 has been accumulated for interest payments. These restricted funds should be accounted for in the

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