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| Carlson City’s fiscal year ends December 31. On August 1, the city issued a purchase order for new vehicles to be delivered at the rate of two per month beginning October 15. Twelve vehicles were delivered as scheduled and payments of $264,000 were made upon delivery. If these were the only transactions made by the city, which of the following balances would appear on the balance sheet as of December 31? 1 2 A. Encumbrances $132,000 Reserve for encumbrances $132,000 B. Fund balance 132,000 Reserve for encumbrances 132,000 C. Reserve for encumbrances 264,000 Fund balance 264,000 D. Encumbrances 264,000 Reserve for encumbrances 264,000 |