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The City of Waterman established a capital projects and for the construction of an empat office building to be used by individuals with disabilities. The

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The City of Waterman established a capital projects and for the construction of an empat office building to be used by individuals with disabilities. The estimated cost of the ramp is 5226.000 onwy 20X20 percent $152.000 bond issue was sold at 104 with the premium transfond to the dete und Althat county provideda 574000 Grant After a period of negotiation the city council awarded a construction contract for 19000) on A 2032 The ramp was completed on August 20x2.its actual cout was 000 They coupprored poco of $185.000. In addition to the $185.000, the roup was carpeted with all weather materie a cost of 57.330 On November, 2012 the city council gave the final approval to pay for the ramp and the carpeting Ahora bills were the remaining indblice transferred to the debt service fund The City of Waterman estashed a debt service fund to account for the financial resources ined to service me bonded to finance the ramp is $226,000. The 10 percent. $152.000 bond issue was sold of 104 on Janumy 1 20X210 year son Issue The resources to pay the interest and annual principal will be from a property tax levy Additional Information 1 The operating budget for 20x2 included estimated revenue of $37100. Budeted approprio coded $15.200 for pc $15.200 for interest and $4,900 for other item. The budget also included an estimated transfer in of 56700 from the con projects fund 2. The property tax levy was for $41100 and an allowance for uncollecties of 54,400 was established Collections and 535,400 The remaining taxes were reclassified as delinquent and the allowance was reduced to 1.300 The bond promium was received from the capital projects fund 3 The current portion of the serial bonds and the interest due this year were recorded and paid Other expenses charged to the dete Service and totaled $1850, of which $1300 was paid 4. The nominal accounts were closed Required: a Prepare entries for the debt service fund for 20x2. Of no entry is required for a transaction event, select "No journal entry required in the first account field b. Prepare a balance sheet for the debt service fund as of December 31, 20x2. CITY OF WATERMAN Debt Service Fund Balance Sheet December 31, 20X2 Assets: S 0 Total Assets Liabilities: Fund Balance Spendable Assigned to $ 0 Total Liabilities and Fund Balance c. Prepare a statement of revenues, expenditures, and changes in fund balance for the debt service fund for 20X2 CITY OF WATERMAN Debt Service Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For Fiscal Year Ended December 31, 20X2 Revenue Expenditures 0 $ 0 Total Expenditures Excess of Revenue over Expenditures Other Financing Sources (Uses) S 0 $ 0 Fund Balance, January 1, 20X2 Fund Balance, December 31, 20X2 The City of Waterman established a capital projects and for the construction of an empat office building to be used by individuals with disabilities. The estimated cost of the ramp is 5226.000 onwy 20X20 percent $152.000 bond issue was sold at 104 with the premium transfond to the dete und Althat county provideda 574000 Grant After a period of negotiation the city council awarded a construction contract for 19000) on A 2032 The ramp was completed on August 20x2.its actual cout was 000 They coupprored poco of $185.000. In addition to the $185.000, the roup was carpeted with all weather materie a cost of 57.330 On November, 2012 the city council gave the final approval to pay for the ramp and the carpeting Ahora bills were the remaining indblice transferred to the debt service fund The City of Waterman estashed a debt service fund to account for the financial resources ined to service me bonded to finance the ramp is $226,000. The 10 percent. $152.000 bond issue was sold of 104 on Janumy 1 20X210 year son Issue The resources to pay the interest and annual principal will be from a property tax levy Additional Information 1 The operating budget for 20x2 included estimated revenue of $37100. Budeted approprio coded $15.200 for pc $15.200 for interest and $4,900 for other item. The budget also included an estimated transfer in of 56700 from the con projects fund 2. The property tax levy was for $41100 and an allowance for uncollecties of 54,400 was established Collections and 535,400 The remaining taxes were reclassified as delinquent and the allowance was reduced to 1.300 The bond promium was received from the capital projects fund 3 The current portion of the serial bonds and the interest due this year were recorded and paid Other expenses charged to the dete Service and totaled $1850, of which $1300 was paid 4. The nominal accounts were closed Required: a Prepare entries for the debt service fund for 20x2. Of no entry is required for a transaction event, select "No journal entry required in the first account field b. Prepare a balance sheet for the debt service fund as of December 31, 20x2. CITY OF WATERMAN Debt Service Fund Balance Sheet December 31, 20X2 Assets: S 0 Total Assets Liabilities: Fund Balance Spendable Assigned to $ 0 Total Liabilities and Fund Balance c. Prepare a statement of revenues, expenditures, and changes in fund balance for the debt service fund for 20X2 CITY OF WATERMAN Debt Service Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For Fiscal Year Ended December 31, 20X2 Revenue Expenditures 0 $ 0 Total Expenditures Excess of Revenue over Expenditures Other Financing Sources (Uses) S 0 $ 0 Fund Balance, January 1, 20X2 Fund Balance, December 31, 20X2

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