As of December $31,2022,$ Sandy Beach had $$9,800,000$ in $6\mathrm{.}5$ percent serlal bonds outstanding. Cash of $$433,000$ is the

debt service fund's only asset as of December $31,2022,$ and there are no liabilitles. The serlal bonds pay Interest

semlannually on January $1$ and July $1,$ with $$500,000$ in bonds beling retired on each Interest payment date. Resources for

payment of Interest are transferred from the General Fund, and the debt service fund levles property taxes In an amount

sufficlent to cover princlpal payments.

Required

b$.$ Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended

December $31,2023.$