At the beginning of the current fiscal year, the county government signs a 2-year lease, with $80,000 paid at signing, and $80,000 due at the end of the fiscal year. The lease has an implicit interest rate of 3.5%, the present value of the lease payments is $157,670, and the leased equipment has an estimated life equal to the life of the lease, no residual value. The lease is reported in the general fund. 

What amount is reported as expenditures for this lease in the fiscal year governmental funds statement of revenues, expenditures and changes in fund balances?

Answer rating: 100% (QA)

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