As of December 31, 2022, Sandy Beach had $9,500,000 in 3 percent serial bonds outstanding. Cash of $509,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 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.

1. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023.

SANDY BEACH

Debt Service Fund

Statement of Revenues, Expenditures and Changes in Fund Balance

For the Year Ended December 31, 2023

Revenues:
Proprerty Taxes		$
Expenditures:
Bond Interest	$
Bond Principal	$1000000
	$
Total Expenditures		$
Excess of Expenditures Over Revenues		( )
Other Financing Sources (Uses):
Interfund Transfers In		$
		$
Increase in Fund Balance		$
Fund Balance, Jan 1, 2023		$509000
Fund Balance, Dec 31, 2023		$

2. Prepare a balance sheet for the debt service fund as of December 31, 2023

SANDY BEACH

Debt Service Fund

Balance Sheet

December 31,2023

Assets

Cash	$
Taxes Receivable	$1000
	$
Total Assets	$
Deferred Inflows of Resources
	$
Fund Balances
Fund Balance-Restricted for Debt Service	$
Total Deferred Inflows of Resources and Fund Balance	$