Question 75 (5 points) Governments are required to classify fund balances on the governmental fund balance sheet. Select the proper classification for the following fund balances (Each option will be used once) The general fund has a $25,000 balance with no restrictions > The government has established a permanent fund to account for a $500,000 endowment that was received to support the town's library. The principal of the endowment cannot be spent 1. Nonspendable 2. Restricted The government has identified $100,000 it intends to use to enhance an arts program 3. Committed 2. Restricted The government has identified $100,000 it intends to use to enhance an arts program. 3. Committed The debt service fund has a 4. Assigned balance of $1,500,000. The legislature has indicated that those funds 5. Unassigned can only be used to pay the principal and interest on the long-term debt. The library endowment earns $21,000 in the current year. The donor has stipulated that those funds can only be used to purchase new materials for the library