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| On December 31, year 1, Madrid Township paid a contractor $2,000,000 for the total cost of a new firehouse built in year 1 on Township-owned land. Financing was by means of a $1,500,000 general obligation bond issue sold at face value on December 31, year 1, with the remaining $500,000 transferred from the general fund. What should be reported on Madrid’s year 1 financial statements for the Capital Project Fund? A. Revenues, $2,000,000; Expenditures, $2,000,000. B. Revenues, $1,500,000; Other financing sources, $500,000; Expenditures, $2,000,000. C. Other financing sources, $2,000,000; Expenditures, $2,000,000. D. Revenues, $1,500,000; Expenditures, $1,500,000. |