The City of San Antonio is reconciling its modified accrual accounting governmental fund statements to full accrual accounting for government-wide reporting. It reported a Change in Fund Balance of $4,200,000 in its Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the year ended December 31, 2020. This number reflects the total of revenues and other financing sources less expenditures and other financing uses using modified accrual accounting. The City reported debt service expenditures of $612,000 for principal payments on bonds in the modified accrual statements. After the reconciling entry is prepared, what is the new Change in Fund Balance for the Governmental Funds following full accrual accounting?
The City of San Antonio is reconciling its modified accrual accounting governmental fund statements to full accrual accounting for government-wide reporting. It reported a Change in Fund Balance of $4,200,000 in its Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the year ended December 31, 2020. This number reflects the total of revenues and other financing sources less expenditures and other financing uses using modified accrual accounting.
The City reported debt service expenditures of $612,000 for principal payments on bonds in the modified accrual statements. After the reconciling entry is prepared, what is the new Change in Fund Balance for the Governmental Funds following full accrual accounting?
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