During the year the City's Self-Insurance Internal Service Fund billed the General Fund $600,000 for...
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Accounting
During the year the City's Self-Insurance Internal Service Fund billed the General Fund $600,000 for "premiums," of which $60,000 was for catastrophic losses and the balance was the premium computed on an actuarially determined basis. During the year the City incurred $500,000 in claims losses. The total amount transferred to the Self-Insurance Fund by the General Fund was $620,000. The amount the City General Fund can recognize as an expenditure is?
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