Please bold answer in explanation

The Village of Hawksbill issued $5,200.000 in 5 percent general obligation, tax-supported bonds on July 1, 2019. at 102. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium (in the amount of $104.000) to the debt service fund. 2. On December 31, 2019. funds in the amount of $130,000 were received from the General Fund and the first interest payment was made. 3. The books were closed for 2019. 4. On June 30, 2020, funds in the amount of $286.000 were received from the General Fund, and the second interest payment ($130,000) was made along with the first principal payment ($260.000). 5. On December 31, 2020. funds in the amount of $123,500 were received from the General Fund and the third interest payment was made (also in the amount of $123.500). 6. The books were closed for 2020. Required: a. Prepare journal entries to record the events above in the debt service fund. b. Prepare a Statement of Revenues. Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2019. c. Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2020. Required A Required B Required C Prepare journal entries to record the events above in the debt service fund. (If no entry is required for a transaction select "No Journal Entry Required" in the first account field.) No Transaction General Journal Debit Credit 1 1a Cash X 104,000 X Other Financing Sources-Transfers In 104,000 2 1b Cash 130.000 130,000 X Other Financing Sources-Transfers In Expenditures-Bond Interest Cash 130.000 130.000 3 2a 234.000 Other Financing Sources-Transfers In Expenditures-Bond Interest Fund Balance X 130.000 104.000 4 2b 288.000 286,000 Cash Other Financing Sources-Transfers In Expenditures-Bond Interest Expenditures-Bond Principal Cash 130.000 260.000 390,000 x 5 03 286.000 x Cash Other Financing Sources-Transfers In 1.000 6 4a 123.500 Expenditures-Bond Interest Cash 123.500 X 7 4b 409.500 X 104,000 Other Financing Sources-Transfers In Fund Balance Expenditures-Bond Interest Expenditures-Bond Principal 253.500 X 260.000 10 06 No Transaction Recorded Required A Required B Required C Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2019. 0 Village of Hawksbill Debt Service Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2019 Revenues $ Expenditures Debt Service Interest Proceeds of Bonds Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Transfers In Transfers Out Total other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 $ 130,000 0 130,000 (130,000) 234,000 104,000 338,000 0 0 Required A Required B Required C Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2020. (Deductions should be entered with a minus sign.) Village of Hawksbill Debt Service Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues $ Expenditures Debt Service Interest Principal 0 252,500 260,000 (513,500) (1,000) (1,000) Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) Transfers In Transfers Out Total other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 409,500 (104,000) 305,500 104,000 > $ 104,000