A city issues revenue anticipation notes on October 21, 20X0. It repays the notes in January 20Xl. In its financial statements for the fiscal year ending December
31, 20X0, which are issued in April 20Xl, it should report the revenue anticipation notes as obligations:
a. In both the government-wide statement of net position and a governmental fund balance sheet.
b. In the government-wide statement of net position but not a governmental fund balance sheet.
c. In a governmental fund balance sheet but not the government-wide statement of net position.
d. In neither a governmental fund balance sheet nor the government-wide statement of net position.