On January 1, Year 1, the City of Potterville approved a 30-year bond issue for $20,000,000 to construct a civic center to bring tourism to the city. The principal and interest payments on the bond are secured by a pledge of the city's tourist development tax revenues collected on sales volume from tourist-related industries. Potterville anticipates collecting $1,2000,000 in tourist development taxes during the year ending December 31, Year 1. The bonds will be issued at 98 to yield 4 percent on July 1, Year 1, and Potterville will make its first payments on the debt on January 2, Year 2. In its fund financial statements dated December 31, Year 1, Potterville will display the following in its debt service fund: Debt Principal Interest Tourists Development Proceeds Expenditure Expenditures Revenue a. 20,000 0 0 1,200,000 b. 19,600 360,000 800,000 0 c. 0 0 400,000 0 d. 0 0 0 0