Crimson City borrows $3,000,000 to build a new addition for city hall. During the year, they constructed the new addition spending $3,250,000. During the year, Crimson City paid $200,000 for the principal and $20,000 for interest which was all the interest payable for the year. What will be the impact of the debt on the governmentwide statements of activities (like an income statement) as of year end? $220,000 expenditures $220,000 expenses $20,000 expense $20,000 expenditures