Exercise $2-16($Static$)$ Part $10$

A certain city reports the following year$-$end total assets:

General Fund $ $18,400,000$

Library Fund $($a special revenue fund$)2,900,000$

Debt Service Fund $2,600,000$

Total governmental funds $26,300,000$

Total governmental and enterprise funds combined $51,250,000$

Based on this information, which funds should be reported as major funds?

Multiple Choice

General Fund only.

General Fund and Library Fund.

General Fund and Debt Service Fund.

General, Library and Debt Service funds should be reported as major funds.