Question: Penn Citys Capital Projects Fund incurred expenditures of $4,000,000 on a project in 20X0. $3,600,000 has been paid on these expenditures. Also, encumbrances outstanding on

Penn City’s Capital Projects Fund incurred expenditures of $4,000,000 on a project in 20X0.
$3,600,000 has been paid on these expenditures. Also, encumbrances outstanding on the project at December 31, 20X0, total $8,000,000. What amount should be recorded in Penn City’s General Capital Assets accounts at December 31, 20X0, for this project?

a. $3,600,000.

b. $4,000,000.

c. $11,600,000.

d. $12,000,000.

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