Residents from the Town of Mountain View authorized a $8,100,000 renovation to their historic town hall on November 15, 2022. Financing for the project consists of $3,100,000 from a 5 percent serial bond issue, $2,600,000 from a state grant, and $2,400,000 from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dollar of sales in the city. You may ignore entries in the General Fund. The town has a calendar year-end. ** Need help on only g and s1-6

Transaction Fund/Governmental Activities General Journal a. Record the 2023 budget for the Serial Debt Service Fund. Sales taxes of $240,000 are expected to be collected in 2023 ; the only appropriation is expected to be six months of interest on the serial bond. \begin{tabular}{|l|l|l|l|} \hline & Debt Service fund & Estimated Revenues \\ \hline & & Appropriations & \\ \hline & & Budgetary Fund Balance \\ \hline & Capital Projects Fund & & \\ \hline & & No Journal Entry Required \\ \hline & & \\ \hline & Governmental Activities & No Journal Entry Required \\ \hline & & \\ \hline & & \\ \hline \end{tabular} b. The town transfers $2,400,000 from the General Fund to a newly established capital projects fund. \begin{tabular}{|l|l|l|l|} \hline b & Debt Service fund & No Journal Entry Required \\ \hline & & \\ \hline & Capital Projects Fund & Cash \\ \hline & & Other Financing Sources-Interfund Transfers In \\ \hline & & & \\ \hline & & \\ \hline \end{tabular} e. On April 1, 2023, the town issues serial bonds with a face value totaling $3,100,000 and having maturities ranging from one to 20 years at 101 . The bonds bear interest of 5 percent per annum, payable semiannually on April 1 and October 1. f. The capital projects fund paid the city's Utility Fund $30,000 for wiring associated with the renovation. No encumbrance had been recorded for this service. j. The town paid Central Paving and Construction the amount it had billed, except for 5 percent that was withheld as a retained percentage per terms of the contract. k. Grant funds totaling $2,600,000 are received from the state historical society because eligible expenditures have been made. \begin{tabular}{|l|l|l|l|l|} \hline k & Debt Service fund & No Journal Entry Required & \\ \hline & & & \\ \hline & & & \\ \hline & Capital Projects Fund & Cash & \\ \hline & & Revenues & \\ \hline \end{tabular} s. The renovation is considered complete, and appropriate amounts are reclassified as buildings and improvements other than buildings (i.e., landscaping)