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An internal service fund had the following transactions during the year ended June 30, 20X9,...

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Accounting

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.

46) 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 please explain how to get this answer thank you

C) $550,000.

D) $1,250,000.

Answer: B

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