Problem

A city government holds a six-year capital lease for property being used within the Genera...

A city government holds a six-year capital lease for property being used within the General Fund, Minimum lease payments total $70,000 starting next year but have a current present value of $49,000. What is the total amount of other financing sources to be recognized on the fund financial statements over this six-year period?

a. $ –0–.

b. $49,000.

c. $70,000.

d. $119,000.

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