Matthew County issued a six-month, 6%, $1,000,000 bond anticipation note on March 31, 20X5, to provide temporary financing for a major general government capital project. The issuance of long-term bonds had not yet received the legally required voter approval when the financial statements were issued, but most agree the voters will approve the referendum.
However, in the event that the voters reject the long-term bond issue, the county has other sources it can use to finance the project.

Assume voter approval has in fact occurred as of the end of the fiscal year and all other legal requirements related to the bond issuance have been met. The county issued the bonds after the balance sheet date (June 30,20X5), but before the financial statements were issued and soon enough to use the bond proceeds to repay the bond anticipation notes. As of June 30, 20X5, the county should report fund balance in this Capital Projects Fund of

a. $185,000.

b. $200,000.

c. $800,000 deficit.

d. $815,000 deficit.

e. None of the above.