2- Town of Brighton has a term bond issued in 1/1/2014 amounting to $1,200,000 with a 20-year life. The term bonds bear semiannual interest at annual rate of 7%. Revenues of this particular debt service fund are assumed to be property taxes levied and earnings on investments of the debt service fund. The amount of the tax levy is computed in accord with annuity tables on the assumption that revenues for principal repayment will be invested and will earn 4 percent per year, compounded semiannually Required: 1- Calculate tax levy for bond principal repayment. 2- Calculate total estimated revenue from taxes per year. R PMT ord annuity =FV (1 +R)^-1) 3- Assume a machine is sold for $500. The asset had originally been purchased for $8.000 using GF revenues. It is fully depreciated. Required: Record the accounting entries in GF journal and Governmental activates journal