non profit accouting

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The state of Exuberance issued $10,000,000 of 5%, 20-year refunding bonds in 20x5 at par. If the state used the proceeds to retire $10 million of general long-term debt upon its maturity, the state should report Select one: O a. revenues of $10,000,000 and expenditures of $10,000,000. O b. revenues of $10,000,000 and other financing uses of $10,000,000. O c. other financing sources of $10,000,000 and other financing uses of $10,000,000 Od other financing sources of $10,000,000 and expenditures of $10,000,000. The repayment of bond principal should be reported in the fund statements of a debt service fund as Select one: O a. An expenditure. O b. A direct charge to fund balance. O c. A reduction of bonds payable. O d. An "other financing use." A Debt Service Fund is generally used to accumulate resources for the payment of long-term Select one: o a. debt principal and interest. O b. debt interest only C. debt principal only. O d. leases