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Dunlap County has a December 3 1 fiscal year - end. In November, the county borrowed $ 8 million from a local bank, due in
Dunlap County has a December fiscal yearend. In November, the county borrowed $ million from a local bank, due in six months at percent interest, to finance general government operations. The county pledges property tax revenues to secure the loan. At yearend, how should the county display the bank note in the governmental fund financial statements?
General fund$ million in other financing sources; $ million in the schedule of changes in longterm obligations.
General fund$ million in notes payable; Nothing in the schedule of changes in longterm obligations.
Nothing in the General Fund; Nothing in the schedule of changes in longterm obligations.
General fund$ million in other financing sources; Nothing in the schedule of changes in longterm obligations.
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