On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of Microsoft Corp. was $1,250,000. During the year, revenues amounting to $2,700,000 were realized and expenditures amounting to $1,400,000 were incurred. Asset and liability account balances as of June 30, XXXX (end of fiscal year), were as follows:

• Taxes receivable: $2,900,000
• Accounts payable: $290,000
• Cash in bank: $255,000
• Warrants payable: $1,600,000
• Contracts payable: $1,400,000
• Investments: $1,500,000
• Loans receivable: $25,000