The East Eanes School District engaged in, or was affected by, the following events and transactions during its ?scal year ending June 30, 2013. a. Teachers and other personnel earned $350,000 in vacations and other compensated absences that they did not take but for which they expect to be paid in the future. b. The district settled a suit brought by a student, agreeing to pay $3 million by December 31, 2014. c. The district issued $8 million in GO bonds to ?nance an addition to its high school. By year-end, it had expended $1 million in con- struction costs. d. The district signed a three-year lease for of?ce space. Annual rent is $40,000. e. It acquired school buses and other vehicles, ?nancing them with an eight-year capital lease. Annual lease payments are $140,000. If the district had purchased the equipment outright, the price would have been $869,371, re?ecting an interest rate of 6%. f. The district transferred $500,000, representing the ?nal year