Question: Lake County received the following proceeds that are legally restricted to expenditure for specified purposes: Levies on affected property owners to install sidewalks $500,000 Gasoline

Lake County received the following proceeds that are legally restricted to expenditure for specified purposes:

Levies on affected property owners to install sidewalks $500,000 Gasoline taxes to finance road repairs 900,000 What amount should be accounted for in Lake’s special revenue funds?

a. $1,400,000

b. $ 900,000

c. $ 500,000

d. $0

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