(Governmental Accounting for the United States)

3. Mason City is located in Harold County. Mason Valley School District encompasses all of Mason City and some of Harold County. Property in Mason City is assessed at $400 million; property in Harold County is assessed at $800 million; property in Mason Valley School District is assessed at $600 million. The total debt outstanding for Mason City is $60 million; Harold County is $80 million; Mason Valley School District is $75 million. REQUIRED: For Mason City, compute (a) the amount of direct debt and (b) the amount of overlapping debt