As of December 31, 2022, Sandy Beach had $9,600,000 in 5.5 percent serial bonds outstanding. Cash of $541,000 is the debt service funds 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 fun d levies property taxes in an amount sufficient to cover principal payments.

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