The City of Bacon holds cash of $820,000 that was received from the issuance of a bond and, according to the contract, must be spent for the construction of a new elementary school. The city also has $60,000 in supplies. How should the fund balance be reported?
a. Restricted—$880,000.
b. Nonspendable—$60,000 and restricted—$820,000.
c. Nonspendable—$60,000 and committed—$820,000,
d. Nonspendable—$60,000 and assigned—$820,000.
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