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Prepare entries for the debt service fund for 202. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Prepare entries for the debt service fund for 202. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Complete this question by entering your answers in the tabs below. Prepare a statement of revenues, expenditures, and changes in fund balance for the debt service Prepare entries for the debt service fund for 202. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for the debt service fund as of December 31,202. The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the citys office building to be used by individuals with disabilities. The estimated cost of the ramp is $214,000. On January 1,202, a 10 percent, $152,000 bond issue was sold at 102 with the premium transferred to the debt service fund. At that date, the county board provided a $62,000 grant. After a period of negotiation, the city council awarded a construction contract for $191,000 on April 5,202. The ramp was completed on August 8,20X2 its actual cost was $197,000. The city council approved payment of the total actual cost of $197,000 in addition to the $197,000, the ramp was carpeted with all weather material at a cost of $7,260. On November 3,202, the city council gave the final approval to pay for the ramp and the carpeting. After all bills were paid, the remaining fund balance was transferred to the debt service fund. The Cry of Waterman established a debt service fund to account for the financial resources used to service the bonds issued to finance the ramp is $214,000. The 10 percent, $152,000 bond issue was sold at 102 on January 1,202 it is a 10 -year serial bond issue. The resources to pay the interest and annual principal will be from a property tax levy. Additional Informotion: 1. The operating budget for 202 included estimated revenue of $37,100. Budgeted appropriations included $15.200 for principal, $15,200 for interest, and $5,100 for other items. The budget also included an estimated transfer in of $6,700 from the capital projects fund 2 The property tax levy was for $42,300 and an allowance for uncollectibles of $5,100 was established. Collections totaled $35,800 The remaining taxes were reclassified as delinquent and the allowance was reduced to $1,400. The bond premium was received from the capital projects fund. 3. The current portion of the serial bonds and the interest due this year were recorded and paid, Other expenses charged to the debt service fund totaled $1780, of which $1,220 was paid 4. The nominal accounts were closed Required: Q. Prepare entries for the debt service fund for 202 b. Prepare a balance sheet for the debt service fund as of December 31,202 c. Prepare a statement of revenues, expenditures, and changes in fund balance for the debt service fund for 202. Answer is not complete. Complete this question by entering your answers in the tabs below
