4. Tax-supported serial bonds with a $3,500,000 par value were issued in cash to permit refunding of a $3,500,000 par value issue of term bonds. Assume that the term bonds had been issued several years earlier

at par.

5. Four months prior to year-end, 6 percent special assessment bonds totaling $500,000 were issued to fund a streetlight improvement project in a local subdivision. The bonds are secondarily backed by the village.

The first $25,000 installment will be due from property owners six months after the initial bond issuance, but no debt payments are due in the first year.

6. A $5,000,000 issue of construction bonds were sold at par by the capital projects fund. Debt issuance costs included administrative fees of $45,000 and prepaid insurance costs of $5,000.

Required

Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction. Explanations may be omitted. For each entry you prepare, name the fund in which

the entry should be made.