Heimbaugh County recently lost a lawsuit that it had been defending in court for two years relating to an incident involving one of the county's police officers. The county had always deemed a loss to be improbable.
However, a judgment was ultimately rendered against the county and, immediately prior to the current fiscal year end, the county was ordered to pay a total of 300,000 . 75,000 is due immediately and must be paid within two months (which would be in the next fiscal year) and the remaining is to be paid in installments of 75,000 for an additional three years. How will the external financial statements of the county be affected in the year the court case was settled?
A. The General Fund statements should report both expenditures and a claims and judgments liability of 300,000.
B. The General Long-Term Liabilities accounts should report a 300,000 liability.
C. The General Fund statements should report expenditures and a current liability of 75,000 and the General Long-Term Liabilities accounts should report a liability of 225,000
D. The General Fund statements should report a prior period adjustment for 75,000 and General Long-Term Liabilities liability of 225,000
Question 2
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