Required information

Exercise $6-24($Static$)$ Serial Bond Debt Service Fund Journal Entries and Financial Statements $[$LO $6-2,6-$

$5]$

$[$The following information applies to the questions displayed below.$]$

As of December $31,2022,$ Sandy Beach had $$9,500,000$ in $3$ percent serial bonds outstanding. Cash of $$509,000$ is the

debt service fund's only asset as of December $31,2022,$ and there are no liabilities. The serial bonds pay interest

semiannually on January $1$ and July $1,$ with $$500,000$ in bonds being retired on each interest payment date. Resources for

payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount

sufficient to cover principal payments.

Exercise $6-24($Static$)$ Part c

Required

c$.$ Prepare a balance sheet for the debt service fund as of December $31,2023.$