E8-5 (Advance Refunding) Record the following simple transactions in the Debt Service Fund of Ledford County 1. The county issued $50,000,000 of refunding bonds at par to provide most of the financing to refund $60,000,000 of outstanding bonds. 2. The county transferred $5,000,000 from the General Fund to the fund from which the out- standing bonds are to be defeased. 3. The county paid $55,000,000 into an irrevocable trust established in a manner that defeased in substance the $60,000,000 of previously outstanding bonds