known as the Kelly Metro Parking Fund, because the activi by pledge of the facility's net revenues from parking fees. This problem during calendar years 2017 and 2018. ty will be financed with debt secured solely covers transactions and events al entries for the following Kelly Metro Parking Fund transactions and events during sold on July 1, 2017. They mature at the rate of $250,000 a year over a period of 20 years, starting July 1 2018. Interest on the bonds is payable annually, also starting July 1.2018, at 4 percent per annum a. Prepare journ 2017 I. Receives $5,000,000 from the sale of revenue bonds at par. The revenue bonds were on the outstanding debt. 2. Pays $1,000,000 to acquire a vacant lot near the railroad station. 3. Pays $4,000000arking lot. The lot is completed and ready for opening as of 5. Receives an invoice for $80,000 from the Village of Kelly General Fund for all expenses in- Based on the foregoing transactions and events, the Kelly Metro Parking Fund starts calendar year December 31, 2017 4. Accrues interest for 6 months on the serial bonds. [Interest expense is not capitalized.]) curred in financing and planning for constructing the parking lot. 2018 with the following trial balance Debits Credits $1,000,000 Parking lot. Accrued interest payable Due to General Funcd Revenue bonds payable. Net position.... Totals . 4,000,000 $ 100,000 80,000 5,000,000 180,000 $5,180,000 $5,180,000 b. Prepare journal entries to record the following transactions and events of the Kelly Metro Parking Fund for calendar year 2018. Then prepare a statement of revenues, expenses, and changes in net position for the year and a statement of net position as of December 31, 2018, 1. Receives cash from parking fees in the amount of $800,000. 2. Receives cash of $60,000 in December 2018 from parking lot customers who rent s pace for the month of January 2019. 3. Pays the amount due at the start of the year to the General Fund. 4. Pays the following expenses: salaries-$125,000; insurance-$20,000; utilities-$35 5. Pays the first installment of principal and interest on the revenue bonds, due July 1, 2 6. Accrues interest on the revenue bonds as of December 31, 2018. 7. Records 018. one year's depreciation on the parking lot. The parking lot has been estimated to have a useful life of 20 years