IThe following Information appliles to the questions displayed below. Residents of Green Acres, a gated community located In the City of Foothlls, voted to form a local Improvement district to fund the construction of a nelghborhood park. The city agreed to administer the bonded debt, however, resldents of Green Acres are solely responsible for repaying the bond Issue. The following events are related to the special assessment park debt for the current fiscal year: 1. On January 1, the city assessed levies totaling $6,900,000 on properties within Green Acres. The levies are payable In 10 equal annual Installments due at the end of the fiscal year, beginning in the current year, with 4 percent Interest due on unpald Installments. 2 All assessments assoclated with the current year's Installment were collected by December 31, as was the Interest due on the unpald Installments. A portion of assessments recelvable equal to next year's Installment of $690,000 was reclassified as current. 3. On December 31, the first princlpal payment of $690,000 was made to bondholders, as was Interest on the debt. 4. All additions and deductions were recorded by the custodial fund. Assume that all additions and deductions can be aggregated because resources are held less than three months b. Prepare Journal entries for each of the foregolng events for the city. (If no entry is required for e transaction/event, select "No Journal Entry Requlred" In the first account field.) View transaction list Journal entry worksheet Record the additions and deductions by the custodial fund Note: Enter debits before credits. Transaction General Journal Debit Credit 04 Record entry Clear entry View general journal