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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 31 fiscal year-end. In November, the county borrowed $8 million from a local bank, due in six months at 6 percent interest, to finance general government operations. The county pledges property tax revenues to secure the loan. At year-end, how should the county display the bank note in the governmental fund financial statements?
General fund--$8 million in other financing sources; $8 million in the schedule of changes in long-term obligations.
General fund--$8 million in notes payable; Nothing in the schedule of changes in long-term obligations.
Nothing in the General Fund; Nothing in the schedule of changes in long-term obligations.
General fund--$8 million in other financing sources; Nothing in the schedule of changes in longterm obligations.
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