$20.$ Culver City recognizes as revenues$/$expenditures those amounts collected$/$paid during the year or within $60$ days of fiscal year$-$end. The city offers a pension benefit to its employees who meet certain age and years of employment criteria. The city participates in the State Pension Plan. Per its contractual arrangement, the city$$s required contribution to the State Pension Plan for the fiscal year ended $6/30/18$ is $$5$ million. Due to cash inflow shortages the city, which budgeted $$5$ million for pension contributions, paid only $$4$ million in the fiscal year ended $6/30/18.$ The city paid the remaining amount on September $30,2018.$ Assuming the city maintains its books and records in a manner that facilitates the preparation of government$-$wide financial statements, how should the city record the pension contribution and any associated liability for the year ended $6/10/18?$

a$)$ Debit Expenditures $$5$ million; Credit Cash $$4$ million and Pension contribution payable $$1$ million.

b$)$ Debit Expenses $$5$ million; Credit Cash $$4$ million and Pension contribution payable $$1$ million.

c$)$ Debit Expenditures $$4$ million; Credit Cash $$4$ million.

d$)$ Debit Expenses $$4$ million; Credit Cash $$4$ million.

$21.$ The amount of pension expenditures that a government should recognize in its general fund financial statements during the current year is

a$)$ The amount paid.

b$)$ The amount paid plus the amount that will be paid with available expendable financial resources.

c$)$ The amount paid so long as it does not exceed the contractually agreed amount.

d$)$ The contractually agreed amount.

$22.$ The amount of pension expense that a government should recognize in its government$-$wide financial statements during the current year is

a$)$ The amount paid.

b$)$ The amount paid plus the amount that will be paid with available expendable financial resources.

c$)$ The amount paid so long as it does not exceed the contractually agreed amount.

d$)$ The contractually agreed amount.

$23.$ This year, Port City was sued for injuries sustained when a citizen slipped and broke her hip on the icy City Hall steps. The city attorney estimates the city will be held liable by the courts and a judgment of $$300,000$ will result. Because of the nature of the case it will likely be four years before the city makes any payment related to the accident. The present value of the likely future payment is $$251,000.$ In the general fund, at the end of the current fiscal year, Port City should recognize a liability of

a$)$ $$300,000.$

b$)$ $$251,000.$

c$)$ $$0.$

d$)$ $$75,000.$

$24.$ This year, Port City was sued for injuries sustained when a citizen slipped and broke her hip on the icy City Hall steps. The city attorney estimates the city will be held liable by the courts and a judgment of $$300,000$ will result. Because of the nature of the case it will likely be four years before the city makes any payment related to the accident. The present value of the likely future payment is $$251,000.$ In the government$-$wide financial statements, at the end of the current fiscal year, Port City should recognize a liability of

a$)$ $$300,000.$

b$)$ $$251,000.$

c$)$ $$0.$

d$)$ $$75,000.$