On January 2, 2024, the City of Smithville approved the issuance of additional street improvement bonds in the total amount of $6,000,000. The new bonds will be serial bonds and will bear interest at the nominal annual rate of 2.75 percent. These bonds are dated January 1, 2024, and will be issued during the next few months when the citys bond underwriters believe market conditions are most favorable. The first interest payment on the new bonds will be due on July 1, 2024; interest will be payable January 1 and July 1 of each following year until maturity. Bonds in the amount of $200,000 will mature on January 1, 2025, and in the same amount at each interest payment date thereafter until all bonds of the 2024 issue have been retired. To give you some additional practice on accounting for a debt service fund record the following events and transactions that are presumed to occur in fiscal year 2024. The transactions are to be recorded in the Street Improvement Bond Debt Service Fund only. You should ignore entries that would be required in the General Fund and in the governmental activities general journal related to these transactions for fiscal year 2024. Keep in mind that these transactions will not affect the 2023 financial statements that will be prepared in Chapter 9. Be sure to select 2024 in the [Year] menu. [Para. 6-d-1] On January 2, 2024, the Street Improvement Bond Debt Service Fund budget for 2024 is legally adopted. The budget should provide for estimated property tax revenue of $645,000, of which $300,000 will be invested to accumulate resources over the next four years for the $750,000 principal payment that will be due on January 1, 2028 for the 2.5% deferred serial bonds. The budget should include estimated investment earnings of $4,000 during 2024. Property tax revenues are intended to help pay $75,000 interest due during 2024 on the 2.5% deferred serial bonds (due January 1 and July 1), as well as the $82,500 interest payment that will be due on the 2.75% serial bonds on July 1, 2024. The property tax levy will also provide resources to help pay interest of $120,000 due on January 1, 2025 ($37,500 interest on the 2.5% deferred serial bonds and $82,500 on the 2.75% serial bonds). No premium or accrued interest on bonds sold is included in the 2024 estimated other financing sources or estimated revenues. If the Street Improvement Debt Service Fund does receive such items the budget will be amended accordingly to reflect such items. Required: Record the budget for FY 2024 in the general journals for the Street Improvement Bond Debt Service Fund. [As a reminder, you should make journal entries for FY 2024 only in the debt service fund, ignoring any entries for governmental activities at the government-wide level or any other funds.]