A local school district issued a short-term note payable to purchase $500,000 of recreation equipment. The note will be repaid with General Fund resources. The General Fund would report A) Expenditures of $500,000. B) Expenditures of $500,000 and revenues of $500,000 from issuance of the note. C) A note payable of $500,000. D) A capital asset of $500,000. E) A capital asset of $500,000 and a note payable of $500,000. F) Both items A and C