6-23. Serial Bond Debt Service Fund Journal Entries and Financial Statements. LO6-2, LO6-5) As of December 31, 2019, Sandy Beach had $9,500.000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund's only asset as of December 31, 2019, and there are no liabilities. The se- rial bonds pay interest semiannually on January I and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. Required a. Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2020. 1. The operating budget for FY 2020 consists of estimated revenues of $1,020,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2020. Appropriations must be provided for inter- est payments and bond redemptions on January 1 and July l State and Local Governments 2. Cash was receaved frmd and checks were writen mailed for the January 1 principal and interest payments. 3. Property taxes in the amount of $1,020,000 were levied (no estim uncollectible accounts has been made). 4. Property taxes in the amount of $1,019,000 were collected. 5. Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments. 6. Adjusting entries were made and uncollected taxes receivable were classified as delinquent. At the fund level, entries were also made to cl budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.)