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As of December $31,2022,$ Sandy Beach had $$9,500,000$ in $3$ percent serial bon debt service fund's only asset as of December $31,2022,$ and there are no liabiliti semiannually on January $1$ and July $1,$ with $$500,000$ in bonds being retired on $e$ payment of interest are transferred from the General Fund, and the debt service sufficient to cover principal payments.

Required

b$.$ Prepare a statement of revenues, expenditures, and changes in fund balances for th December $31,2023.$

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SANDY BEACH

Debt Service Fund

Statement of Revenues, Expenditures and Changes in Fund Balance

For the Year Ended December $31,2023$