Bond covenants related to this bond issue require the city to levy property taxes sufficient to make principal and interest payments until the bonds have been retired. The city council has approved a resolution to enable the property tax levy, beginning in fiscal year $2024.$ Until then transfers will be made from Bingham's General Fund.

a$.$ Prepare general journal entries, as necessary to record the following transactions in the debt service fund general journal and, if applicable, in the governmental activities general journal. Use account titles listed under the drop down $[$Account$]$ menu. Be sure the year $2023$ is selected from the drop$-$down $[$Year$]$ menu and the appropriate paragraph number shown in bold$-$face font below is in the $[$Add description$]$ box.

$[$Para$.6$a$-1]$ From the data given about the City Hall Annex Construction Fund bond issue projected to be sold on January $3$ at a premium of $$16,742,$ city officials adopted a legal budget for the fiscal year ended December $31,2023.$

Required: Record the budget for the Bingham Debt Service Fund for year $2023.$ Budgetary entries have no effect on the government$-$wide accounting records. The budget provides for estimated other financing sources for premiums on bonds of $$16,742$ and interfund transfers in from the General Fund of $$20,000.$ Appropriations associated with the $2\%$ bond provide for the bond interest payment on July. $1[\mathrm{.}02\frac{6}{12}$$$2,500,000].$

$[$Para$.6$a$-2]$ Cash in the amount of the $$16,742$ premium on the bonds sold on January $3,2023$ was received and recorded in the debt service fund.

Required: Record this transaction in the debt service fund. No entry is required at this time in the governmental activities general journal since the bond issue, including the related premium and accrued interest, was recorded in the governmental activities general journal in transaction $5$a$-1.$