11. What amount of liability should the city recognize on fund-based financial statements at December 31, Year...

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11. What amount of liability should the city recognize on fund-based financial statements at December 31, Year 1 ? Assume that all remaining vacations will be taken in July.

a.It depends on whether the employees work at governmental activities or business-type activities. lx $-0-.

c. $40,000.

d. $52,000.

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