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A City Has a General Fund and an Enterprise Fund

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A city has a General Fund and an Enterprise Fund.During the year,legal claims are filed against the resources of both funds.City attorneys believe that each claim will ultimately be settled for about $55,000,but settling claims of this kind usually is about a three-year process.How much should be reported as a liability in each fund's balance sheet at the end of the current year? A city has a General Fund and an Enterprise Fund.During the year,legal claims are filed against the resources of both funds.City attorneys believe that each claim will ultimately be settled for about $55,000,but settling claims of this kind usually is about a three-year process.How much should be reported as a liability in each fund's balance sheet at the end of the current year?

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