Below are a number of unrelated transactions for the Village of Centervile, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet Required Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction of no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Do not round Intermediate calculations.) Transaction Fund Governmental Activies General Journal Debit Credit 1. The General Fund collected and transferred $720.000 in tax collections to the debt Service fund, S540,000 of this amount was used for a principal payment on outstanding serial bonds and the remainder was used to make the interest payment on the outstanding senal bonds 1a General Fund Record the receipt of cash from tax collections 15 Record the transfer of cash collected from laxes to the debt service fund Tc Debt Service Fund Record the transfer of cash collected from taxes to the debt service fund 10 Record the payment of principal and interest to retire the bonds Te Governmental Activities Record the receipt of cathromax collections 11 Record the payment of principal and interest to reture the bonds 4 2. A $7.200,000 issue of serial bonds to finance a capital project was sold at 108 plus accrued interest in the amount of $72,000. The accrued interest and the premium were recorded in the debt service fund. Accrued interest on bonds sold must be used for interest payments, the premium is designated by state law for eventual payment of bond principal 2a Capital Projects Fund Record the issuance of bonds pood 26 Debt Service Fund Record the accrued interest and Premium on bonds Book 2 Governmental Activities Record the issuance of bonds Punt orences 3. The debt service fund made a $120,000 lease payment of which $17,245 was interest Funds used to make the lease payment came from a capital grant received by the special revenue fund 38 Special Revenue Fund Record cash received as capital grant 36 Record the transfer of fund for lease payment to the debt service und . 30 Debt Service Fund Record the transfer of tund for lease payment from the special revenue fund 3d Record the prinopal and interest on sease paid 30 Governmental Activities Record cash received as capital grant 3e Governmental Activities Record cash received as capital grant 31 Record the principal and interest on lease paid 4 Tax-supported serial bonds with a 57 400,000 par value were issued in cash to permt refunding of a $7,400,000 par valve issue of term bonds. Assume that the term bonds had been issued several years earlier at par Debt Service Fund Record the issue of tax-supported serial bonds for partial refund of term bonds 4b Record the refund of the par value bonds 4c Governmental Activities Record the issue of tax supported serial bonds for partial refund of term bonds 40 Record the refund of the par value bonds 5. Four months prior to year-end, 8 percent special assessment bonds totaling $450 000 were issued to fund a streetlight improvement project in a local subdivision. The bonds are secondarily backed by the village. The first 524,000 installment will be due from property owners six months after the initial bond issuance, but no debt payments are due in the first year 5a Debt Service Fund Record the issue of special assessment bonds 56 Record the current and deferred installment receivable from the local subdivision 50 Governmental Activities Record the issue of special assessment bonds 5d Record the current and deferred installment receivable from the local subdivision 5e Record the interest payable on the special assessment debt 6. A $7,200,000 issue of construction bonds was sold at par by the capital projects fund. Debt issuance costs included administrative fees of $64.800 and prepaid insurance costs of $7 200 Capital Projects Fund Record the issue of construction bonds b Record the debt issuance costs 6c Governmental Activities Record the issue of construction bonds 60 Record the debt issuance costs 7 Due to an unexpected change in interest rates a village issued a 53 800,000 bond at 98 percent of par value. The bond was issued to fund construction of a bike path, including restrooms and picnic shelters. It is expected that the shortage of cash will be covered by a future transfer from another fund 7 Capital Projects Fund Record the issuance of bonds o e 7b Governmental Activities Record the issuance of bonds ces 8 A town secures a note payable in the amount of S163 000 to pay initial penses for construction of a new police station. Town administrators plan to repay this note within three months with tax revenues 8a Capital Projects Fund Record the issuance of Notes payable 8b Governmental Activities Record the issuance of Notes payable 9 A county secures a bond anticipation note in the amount of $513,000 to pay inal expenses for construction of a convention center. The board of county commissioners recommended that the finance department refinance the bond anticipation note by issuing a construction bond when construction activity begins 9a Capital Projects Fund Record the issuance of Bond anticipation note 9b Governmental Activities Record the issuance of Bond anticipation