On January 1, 2019, the Town of Floyd issued $ 8,000,000 of 4% tax supported bonds. The bonds are dated January 1, 2019 with interest payment dates of June December 31, 2019. The bonds were sold at a $78,000 premium that was transferred to the Debt Service Fund from the capital projects fund to be used to fund the first payment. Cash sufficient to cover interest and principal payments for the year less the premium is transferred from the General Fund on June 1st.

Required: Record any and all entries to be made by the Debt Service Fund for the bond issued for the year 2019 (including closing entries)

Edit - This is the question exactly as asked, if there is a portion of it that cannot be answered due to lack of information I would appreciate the question being answered as thoroughly as possible, with an "X" or something in place of omitted information