A State Constructs an Office Building

A state constructs an office building.The construction is financed with: (1) a transfer of $1 million from the General Fund; (2) a grant of $2 million from the federal government; (3) bond proceeds of $7 million;and (4) earnings of $100,000 from temporary investment of bond proceeds.All transactions occur in one year.
-Based on the preceding set of facts,how much should be reported as Other financing sources in the Capital Projects Fund?

A) $1,000,000
B) $3,000,000
C) $8,000,000
D) $10,000,000

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free