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Not-for-Profit Accounting

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Prepare a schedule of direct and overlapping debt for the city of Forest, which is located within Forest County and Forest School District. The net assessed valuation of properties in the three governments was as follows: City, $150 million; County, $500 million; School District, $200 million. The net debt for each of the governments was as follows: City, $10 million; County, $10 million; School District, $20 million. The year-end is December 31, 2004.

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The expert examines not-for-profit accounting.

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