Collections of property taxes are reported in a county's:

Select one:

A. Investment trust fund.

B. Special revenue fund.

C. General fund.

D. Custodial fund.

A county acquires equipment for $16,000,000 at the beginning of 2015. The equipment has an 8-year life, no residual value. At the beginning of 2021 (6 years later), the equipment is sold for $9,000,000. Use straight-line depreciation, if appropriate. The equipment is used for a parking garage and is reported in an enterprise fund. What is reported in the enterprise fund's operating statement, related to this equipment, in 2015?

Select one:

A. Expense of $2,000,000

B. Expense of $16,000,000

C. Expenditure of $16,000,000

D. The equipment is not reported in the operating statement

Students and faculty volunteer their time to the activities of Beta Alpha Psi. The fair value of their services is $25,000. How is this information reported Beta Alpha Psi's statement of activities?

Select one:

A. $25,000 increase in net assets without donor restrictions.

B. Increase in expenses and increase in contributions of $25,000; no net effect on net assets.

C. Not reported in the statement of activities.

D. $25,000 increase in net assets with donor restrictions.