Required information

$[$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.

b$.$ Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ende

December $31,2023.$

Required

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