The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the city's office buliding to be used by individuals with disabilities. The estimated cost of the ramp is $228,000.0. January 1,202, a 10 percent, $154,000 bond issue was sold at 104 with the premium transferred to the debt service fund. At that date, the county board provided a $74,000 grant. After a period of negotiation, the city councli awarded a construction contract for $181,000 on April 5,202. The ramp was completed on August 8,20X2; its actual cost was $187,000. The city council approved payment of the total actual cost of $187,000. In addition to the $187,000, the ramp was carpeted with all-weather material at a cost of $6,440,0 On November 3,202. the city council gave the final approval to pay for the ramp and the carpeting. After all bilis 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 $228,000. The 10 percent, $154,000 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 will be from a property tax levy. Additional Information: 1. The operating budget for 202 included estimated revenue of $36,800. Budgeted appropriations included $15,400 for principal, $15,400 for interest, and $4,800 for other items. The budget also included an estimated transfer in of $6,000 from the capital projects fund. 2. The property tax levy was for $42,800 and an allowance for uncollectibles of $5,400 was established. Collections totaled $36,000. The remaining taxes were reclassified as delinquent and the allowance was reduced to $1,400. 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 recorded and paid. Other expenses charged to the debt service fund totaled $1,750, of which $1,310 was paid. 4. The nominal accounts were closed. Required: a. Prepare entries for the debt service fund for 20X2. (If 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 31,202. CITY OF WATERMAN Debt Service Fund Balance Sheet December 31,20x2 Assets: \begin{tabular}{|l|l|} \hline & Assets: \\ \hline & \\ \hline Total Assets & \\ \hline Liabilities: \\ \hline & \\ \hline Fund Balance: & \\ \hline Spendable: & \\ \hline Assigned to: & \\ \hline Total Liabilities and Fund Balance & \\ \hline \end{tabular} c. Prepare a statement of revenues, expenditures, and changes in fund balance for the debt service fund for 202. CITY OF WATERMAN Debt Service Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For Fiscal Year Ended December 31, 20X2 The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the city's office buliding to be used by individuals with disabilities. The estimated cost of the ramp is $228,000.0. January 1,202, a 10 percent, $154,000 bond issue was sold at 104 with the premium transferred to the debt service fund. At that date, the county board provided a $74,000 grant. After a period of negotiation, the city councli awarded a construction contract for $181,000 on April 5,202. The ramp was completed on August 8,20X2; its actual cost was $187,000. The city council approved payment of the total actual cost of $187,000. In addition to the $187,000, the ramp was carpeted with all-weather material at a cost of $6,440,0 On November 3,202. the city council gave the final approval to pay for the ramp and the carpeting. After all bilis 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 $228,000. The 10 percent, $154,000 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 will be from a property tax levy. Additional Information: 1. The operating budget for 202 included estimated revenue of $36,800. Budgeted appropriations included $15,400 for principal, $15,400 for interest, and $4,800 for other items. The budget also included an estimated transfer in of $6,000 from the capital projects fund. 2. The property tax levy was for $42,800 and an allowance for uncollectibles of $5,400 was established. Collections totaled $36,000. The remaining taxes were reclassified as delinquent and the allowance was reduced to $1,400. 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 recorded and paid. Other expenses charged to the debt service fund totaled $1,750, of which $1,310 was paid. 4. The nominal accounts were closed. Required: a. Prepare entries for the debt service fund for 20X2. (If 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 31,202. CITY OF WATERMAN Debt Service Fund Balance Sheet December 31,20x2 Assets: \begin{tabular}{|l|l|} \hline & Assets: \\ \hline & \\ \hline Total Assets & \\ \hline Liabilities: \\ \hline & \\ \hline Fund Balance: & \\ \hline Spendable: & \\ \hline Assigned to: & \\ \hline Total Liabilities and Fund Balance & \\ \hline \end{tabular} c. Prepare a statement of revenues, expenditures, and changes in fund balance for the debt service fund for 202. CITY OF WATERMAN Debt Service Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For Fiscal Year Ended December 31, 20X2