The City of Waterman estabilshed a capital projects fund for the construction of an access ramp from the parking garage to the city's office building to be used by individuals with disabilities. The estimated cost of the ramp is $213,000. On January 1,202, a 10 percent, $156,000 bond tssue was soid at 104 with the premium transferred to the debt service fund. At that date, the county board provided a $57,000 grant. After a period of negotiation, the city council awarded a construction contract for $172.000 on Apri 5,202. The ramp was completed on August 8,202 its actual cost was $180,000. The city council approved payment of the total actual cost of $180,000. In addition to the $180,000, the ramp was carpeted with all-weather material at a cost of $8,190. On November 3,202, the city council gave the final approval to pay for the ramp and the carpeting. After all bills were paid, the remaining fund balance was transferred to the debt service fund. The City of Waterman established a debt service fund to account for the financial resources used to service the bonds issued to finance the ramp is $213,000, The 10 percent, $156,000 bond issue was sold at 104 on January 1,202. It is a 10-year serial bond issue The resources to pay the interest and annual principal wall be from a property tox lewy Additional Information: 1. The operating budget for 202 included estimated revenue of $38,900. Budgeted appropriations included $15,600 for principal. $15,600 for interest, and $5,900 for other items. The budget also included an estimated transfer in of $7,700 from the capital projects fund. 2. The property tax levy was for $41,600 and an allowance for uncollectibles of $4,600 was established Collections totaled $35,900. The remaining taxes were reclassified as delinquent and the allowance was reduced to $1,100. The bond premium was received from the capital projects fund. 3. The current portion of the serial bonds and the interest due this year were fecorded and paid. Other expenses charged to the debt service fund totaled $1,760, of which $1,270 was paid. 4. The nominal accounts were closed. Required: a. Prepare entries for the debt service fund for 202 b. Prepare a balance sheet for the debt service fund as of December 31,202 c. Prepare a statement of revenues, expenditures, and changes in fund balance for the debt service fund for 202 \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ CITY OF WAIERMAN } \\ \hline \multicolumn{4}{|c|}{ Debt Service Fund } \\ \hline \multicolumn{4}{|c|}{ Statement of Revenues, Expenditures, and Changes in Fund Balance } \\ \hline \multicolumn{4}{|c|}{ For Fiscal Year Ended December 31, 20X2 } \\ \hline Revenue: & & & \\ \hline Property taxes & 0 & & \\ \hline \multicolumn{4}{|l|}{ Expenditures: } \\ \hline Principal retirement & 0 & & \\ \hline Interest & 0 & & \\ \hline Miscellaneous & 0 & & \\ \hline Supplies expense & & & \\ \hline Total Expenditures & & & 0 \\ \hline Excess of Revanue over Expenditures & & s & 0 \\ \hline \multicolumn{4}{|l|}{ Other Financing Soutces (Uses) } \\ \hline Transfers in from capital projects fund & 0 & & \\ \hline Net change in fund balance & & s & 0 \\ \hline \multicolumn{4}{|l|}{ Fund Balance, January 1,20X2 } \\ \hline Fund Balance, December 31,202 & & 5 & 0 \\ \hline \end{tabular}