A city tax custodial fund holds $700,000 in cash at yearend.
The cash belongs to the following entities:
City general fund — $300,000 City special revenue fund — $100,000 School district — $250,000 Fire district — $50,000 In the statement of net position, what amount of cash should the tax custodial fund report?
1. $50,000.
2. $300,000.
3. $400,000.
4. $700,000.