Journal entries and financial statements for an Enterprise Fund

The Metro Central Railroad is a commuter railroad that stops at the Village of Kelly. Kelly, a growing community, decides to construct and operate a parking lot near the railroad station to accommodate the needs of its citizens. The activities of the parking lot will be accounted for in an Enterprise Fund, known as the Kelly Metro Parking Fund, because the activity will be financed with debt secured solely by pledge of the facility's net revenues from parking fees.

The following transactions and events occurred in $2020$:

Receives $$10,000,000$ from the sale of revenue bonds at par. The revenue bonds were sold on July $1,2020.$ They mature at the rate of $$500,000$ a year over a period of $20$ years, starting July $1,2021.$ Interest on the bonds is payable annually, also starting July $1,2021,$ at $4$ percent per ann on the outstanding debt.

Pays $$2,000,000$ to acquire a vacant lot near the railroad station.

Pays $$8,000,000$ to construct the parking lot. The lot is completed and ready for opening as of December $31,2020.$

Accrues interest for $6$ months on the serial bonds. $[$Interest expense is not capitalized.$]$

Receives an invoice for $$160,000$ from the Village of Kelly General Fund for all expenses incurred in financing and planning for constructing the parking lot.

Based on the foregoing transactions and events, the Kelly Metro Parking Fund starts calendar year $202$ with the following trial balance:

$\backslash$table$[[\backslash$table$[[$Metro Central Railroad$],[$Trial Balance$],[$December $31,2020]]],[,$Debit,Credit$],[$Land$,$$$2,000,000,],[$Parking lot,$8,000,000,],[$Accrued interest payable,,$$200,000$