Sandalwood engaged in the following debt-related transactions during the year. Prepare the necessary journal entries to record these transactions for government-wide accounting. Clearly indicate if debt is long-term or short-term (current). It is possible no entry is required.

1. The county issued $5 million in 6 percent, 10-year bonds for $4,926,989 to yield 6.4 percent (3.2 percent per semi-annual period) to the investor.

2. The county made the first semi-annual interest payment on the bonds in (a).

3. The county issued $4 million in 6 percent demand bonds for which it did not enter into a takeout agreement.

4. In anticipation of property tax revenues to be received several months after its fiscal yearend, the county borrowed $2 million from a local bank payable in nine months.

5. The county leased a new machine for its county highway department (a capital lease). The present value of the minimum lease payments is $250,000, which approximates the fair value of the machine.

Please show the equations