(Answered) Question - james county issued demand bonds for

Accounting

Question - James County issued demand bonds for construction of a county maintenance building. Before year-end the county entered into a two-year noncancellable take-out agreement with a local bank. How should the demand bonds be reported in the county's government-wide financial statements?

a. Fund balance - restricted (demand bonds)

b. Other financing source - demand bonds

c. Current liability (demand bonds payable)

d. Long-term liability (demand bonds payable)

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