! 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 b Required b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023. b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023. SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 Revenues: Property Taxes $ 1,020,000 Expenditures: Bond Interest $ 416,250 Bond Principal 1,000.000 1,416,250 (396,250) Total Expenditures Excess of Expenditures Over Revenues Other Financing Sources (Uses): Interfund Transfers In 416,250 20.000 Increase in Fund Balance Fund Balance, January 1, 2023 Fund Balance, December 31, 2023 509,000 529,000 $ 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 Required c. Prepare a balance sheet for the debt service fund as of December 31, 2023. c. Prepare a balance sheet for the debt service fund as of December 31, 2023. SANDY BEACH Debt Service Fund Balance Sheet December 31, 2023 Assets Cash $ 0 Total Assets Deferred Inflows of Resources Taxes Receivable-Delinquent Fund Balances Fund Balance-Restricted for Debt Service Total Deferred Inflows of Resources and Fund Balance $ 0 ! 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 b Required b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023. b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023. SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 Revenues: Property Taxes $ 1,020,000 Expenditures: Bond Interest $ 416,250 Bond Principal 1,000.000 1,416,250 (396,250) Total Expenditures Excess of Expenditures Over Revenues Other Financing Sources (Uses): Interfund Transfers In 416,250 20.000 Increase in Fund Balance Fund Balance, January 1, 2023 Fund Balance, December 31, 2023 509,000 529,000 $ 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 Required c. Prepare a balance sheet for the debt service fund as of December 31, 2023. c. Prepare a balance sheet for the debt service fund as of December 31, 2023. SANDY BEACH Debt Service Fund Balance Sheet December 31, 2023 Assets Cash $ 0 Total Assets Deferred Inflows of Resources Taxes Receivable-Delinquent Fund Balances Fund Balance-Restricted for Debt Service Total Deferred Inflows of Resources and Fund Balance $ 0