Government A had $7,000,000 of 5%, six month bond anticipation notes outstanding at the end of the fiscal year
As of this date, the government has completed all legal procedures and the notes will be re-financed to a term of ten years the following month. The BAN liability reported in the Capital Projects Fund as of the end of the fiscal year should be
a. $0
b. $350,000
c. $3,500,000
d. $7,000,000
A
Business
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