Question: A state constructs an office building. The construction is financed with: (1) a transfer of $2 million from the General Fund; (2) a grant of

A state constructs an office building. The construction is financed with: (1) a transfer of $2 million from the General Fund; (2) a grant of $1 million from the federal

government; (3) bond proceeds of $7 million; and (4) earnings of $200,000 from temporary investment of bond proceeds. All transactions occur in one year.

How much should be reported as Revenues in the Capital Projects Fund?

O $3,100 000

O $1,200,000

O $100,000

O $8,100,000

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