At the end of Year 4, the city owed teachers $60,000 in vacation pay that had not been recorded. The assumption is that these vacations will be taken evenly over the next year. A 60-day period is used to determine available funds.
a. What is the correct change in the fund balance of the General Fund for the year?
b. What is the correct overall change in the net assets in the government-wide financial statements?
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