An internal service fund had the following transactions during the year ended June 30, 20X9, its first year of existence:(1) Received $1,000,000 contribution from the general fund. (2) Acquired fleet of cars for $950,000, paying cash. (3) Billed departments in other funds $500,000 for using cars. (4) Incurred operating costs, exclusive of depreciation, of $240,000. (5) Depreciation expense amounted to $250,000. Refer to the above information. On the internal service fund's balance sheet at June 30, 20X9, net assets-unrestricted should be reported at:
A. $260,000.
B. $310,000.
C. $1,250,000.
D. $550,000.
Answer: B
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