A Freeport localrn government secured a six-month, $450,000 loan at 5% interest from a local lending institution to finance a project at a county-owned park. The loan transaction took place one month prior to the end of the fiscal year, at which time 50% of the project was completed for $225,000. As of the end of the fiscal year, the county should report capital outlay expenditures in the amount of ?

Answer rating: 100% (QA)

ANS WER 225 000 Capital out lay expenditures are reported a... View the full answer