A city issues a 60-day tax anticipation note to fund operations until the collection of sufficient tax money. How does the city record this liability?

a. The liability should be reported in the government-wide financial statements, whereas an other financing source should be shown in the fund financial statements.

b. A liability should be reported in both the government-wide financial statements and the fund financial statements.

c. An other financing source should be shown in both the government-wide financial statements and the fund financial statements.

d. An other financing source should be shown in the government-wide financial statements, whereas a liability is reported in the fund financial statements.