1. On January 1, 2020, the City recorded its budget for the newly created 2020 Regular Serial Bond Debt Service Fund, which will be used to make the payments for the 2020 bond issuance. The bonds mature on January 1, 2045, and have a stated annual interest rate of 5%. The interest is payable semiannually, with a $1,000,000 interest payment being made on June 30, 2020 and December 31, 2020. Bond principal of $1,600,000 will be paid each year for the next 25 years. The annual principal payments are due on December 31 of each year, with the first principal payment due on December 31, 2020. Shortly before June 30 and December 31 of each year, the General Fund will transfer to the Debt Service Fund the required amounts for the semiannual interest payments and the annual principal payments. Write the necessary journal entries on January 1, 2020 to record the budget for fiscal year 2020. Label each journal entry to indicate whether it is the entry for the Debt Service Fund (for the Governmental Fund Financial Statements) or for Governmental Activities (for the Government-Wide Financial Statements). If no entry is needed, please type the words NO ENTRY below the Debt Service Fund or Governmental Activities label.

2. On June 24, 2020, the General Fund transferred the appropriate amount to the 2020 Regular Serial Bond Debt Service Fund to be used for the first interest payment. Record the transfer below. In addition, record the payment of cash to the Citys bondholders for the interest due on June 30. Label each journal entry to indicate whether it is the entry for the Debt Service Fund (for the Governmental Fund Financial Statements) or for Governmental Activities (for the Government-Wide Financial Statements). If no entry is needed, please type the words NO ENTRY below the Debt Service Fund or Governmental Activities label

3. On December 21, 2020, the General Fund transferred the appropriate amount to the 2020 Regular Serial Bond Debt Service Fund for the first annual principal payment, which is due on December 31, 2020, and the second interest payment, which is also due on December 31, 2020. On December 30, 2020, a cash payment was made from the Debt Service Fund to the City bondholders for the $1,600,000 annual principal payment and the second $1,000,000 interest payment. Record the appropriate journal entries below for the transfer from the General Fund to the Debt Service Fund, as well as for the annual principal payment and second interest payment made from the Debt Service Fund. Label each journal entry to indicate whether it is the entry for the Debt Service Fund (for the Governmental Fund Financial Statements) or for Governmental Activities (for the Government-Wide Financial Statements). If no entry is needed, please type the words NO ENTRY below the Debt Service Fund or Governmental Activities label.