An Olympic medalist swimmer who grew up in the city contributed $750,000 to the city requiring that the money be invested and that the earnings from the investments be used for maintenance of the swimming complex. The $750,000 would most appropriately be recorded in a(an): Select one: a. Investment trust fund. b. Permanent fund. c. Private-purpose trust fund. d. Custodial fund.
An Olympic medalist swimmer who grew up in the city contributed $750,000 to the city requiring that the money be invested and that the earnings from the investments be used for maintenance of the swimming complex. The $750,000 would most appropriately be recorded in a(an): Select one: a. Investment trust fund. b. Permanent fund. c. Private-purpose trust fund. d. Custodial fund.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An Olympic medalist swimmer who grew up in the city contributed $750,000 to the city requiring that the money be invested and that the earnings from the investments be used for maintenance of the swimming complex. The $750,000 would most appropriately be recorded in a(an): Select one:
a. Investment trust fund.
b. Permanent fund.
c. Private-purpose trust fund.
d. Custodial fund.
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