A $110,000 payment is made on a long-term liability. Of this amount, $10,000 represents interest. Which of the following is not true?
a. Reduce liabilities by $100,000 in the government-wide financial statements.
b. Record a $110,000 expenditure in the fund-based financial statements.
c. Reduce liabilities by $100,000 in the fund-based financial statements.
d. Recognize $10,000 interest expense in the government-wide financial statements.
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A $110,000 payment is made on a long-term liability. Of this amount, $10,000 represents interest. Which of the following is not true?
a. Reduce liabilities by $100,000 in the government-wide financial statements.
b. Record a $110,000 expenditure in the fund-based financial statements.
c. Reduce liabilities by $100,000 in the fund-based financial statements.
d. Recognize $10,000 interest expense in the government-wide financial statements.
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