Lake County received the following proceeds that are legally restricted to expenditure for specified purposes:

align=”left”>

Levies on affected property owners to install sidewalks

$500,000

Gasoline taxes to finance road repairs

900,000

What amount should be accounted for in Lake’s special revenue funds?

  1. $1,400,000
  2. $ 900,000
  3. $ 500,000
  4. $0