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The following events relating to the City of Albury’s Debt Service Funds occurred during the year ended December 31, year 1:
All principal and interest due in year 1 were paid on time. What is the total amount of expenditures that Albury’s Debt Service Funds should record for the year ended December 31, year 1, using modified accrual accounting? A. $ 900,000 B. $ 950,000 C. $2,900,000 D. $2,950,000 |