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On December 31, the city of Vane paid a contractor $3 million for the total cost of a new municipal annex built during the year on city-owned land. Financing was provided by a $2 million general obligation bond issue sold at face amount on December 31, with the remaining $1 million transferred from the general fund.

What accounts and amounts should be reported in Vane's current-year financial statements for the capital projects fund?

A. Revenues control, $2,000,000; expenditures control, $2,000,000.

B. Revenues control, $3,000,000; expenditures control, $3,000,000.

C. Other financing sources control, $3,000,000; expenditures control, $3,000,000.

D. Other financing sources control, $2,000,000; general long-term debt, $2,000,000.

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