Question 16:

A Debt Service Fund collects $1,000,000 in current-year property taxes that are dedicated to the payment of debt service principal and interest during the year. It also expects to collect an additional $60,000 of dedicated current-year property taxes after the first 60 days of the next fiscal year. The General Fund transferred $250.000 to the Debt Service Fund during the current year. Earnings on investments in the Debt Service Fund for the current year were $28,000. How much revenue should the Debt Service Fund report for the current year? O $1,088,000 $1,278.000 $1.338,000 $1,028,000 $1,310,000