Bank excess reserves
If First interstate Bankcorp has demand deposits of $8 billion, actual reserves of $1.4 billion, and the reserve requirement is 15 percent, the bank's excess reserves are:
a. $100 million
b. $200 million
c. $400 million
d. $800 million
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What journal entry should be made at the beginning of the fiscal year to reestablish the Encumbrances account of a capital projects fund for a multi-year capital project?
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