A city government holds a six-year capital lease for property being used within the General Fund. Minimum
Question:
A city government holds a six-year capital lease for property being used within the General Fund.
Minimum lease payments total $70,000 starting next year but have a current present value of
$49,000. What is the total amount of other financing sources to be recognized on the fund-based financial statements over this six-year period?
a. $–0–.
b. $49,000.
c. $70,000.
d. $119,000.
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