The city of Canandaigua receives proceeds from the sale of land, the transaction is considered to be a special item. Where are the proceeds reported on the Statement of Revenues, Expenditures and Changes in Fund Balance?
A. As a revenue.
B. The proceeds are not recorded but the gain on the sale is.
C. Separately after other financing sources and uses.
D. As an item that changes the Fund Balance.
Answer: C
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