The City of Amarillo is authorized to issue $4,500,000, 4 percent regular serial bonds in 2023 for the construction of a new exit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2024, for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General Fund. The countys fiscal year-end is December 31.
b. The bonds were sold on February 1, 2023, at 101. Prepare the journal entrles needed to record the Issuance of the bonds, Including the entrles required in the debt service fund and any entries required in the governmental activitles general ledger at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld. Do not round Intermedlate calculations.) c. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entry In the General Fund.) (If no entry is requlred for a transaction/event, select "No Journal Entry Requilred" In the first account fleld. Do not round Intermedlate calculations.) d. Prepare the journal entrles needed to record the first interest payment made on July 1 , including the entrles required in the debt service fund and any entrles required in the governmental activitles general ledger at the government-wide level. Assume that the straight-iline method is used for premlum amortization. (If no entry is requlred for a transaction/event, select "No Journal Entry Required" In the first account fleld. Do not round Intermedlate calculations.) f. Prepare the budgetary entrles for 2023 assuming that the bonds were scheduled to be Issued on January 2 . Assume that the January 1, 2024, principal and Interest payments will be Included In the 2023 budget. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may Ignore the entry in the General Fund.) (If no entry Is required for a transaction/event, select "No Journal Entry Requlred" In the flrst account fleld. Do not round Intermeclate calculations.) b. The bonds were sold on February 1, 2023, at 101. Prepare the journal entrles needed to record the Issuance of the bonds, Including the entrles required in the debt service fund and any entries required in the governmental activitles general ledger at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld. Do not round Intermedlate calculations.) c. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entry In the General Fund.) (If no entry is requlred for a transaction/event, select "No Journal Entry Requilred" In the first account fleld. Do not round Intermedlate calculations.) d. Prepare the journal entrles needed to record the first interest payment made on July 1 , including the entrles required in the debt service fund and any entrles required in the governmental activitles general ledger at the government-wide level. Assume that the straight-iline method is used for premlum amortization. (If no entry is requlred for a transaction/event, select "No Journal Entry Required" In the first account fleld. Do not round Intermedlate calculations.) f. Prepare the budgetary entrles for 2023 assuming that the bonds were scheduled to be Issued on January 2 . Assume that the January 1, 2024, principal and Interest payments will be Included In the 2023 budget. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may Ignore the entry in the General Fund.) (If no entry Is required for a transaction/event, select "No Journal Entry Requlred" In the flrst account fleld. Do not round Intermeclate calculations.)
