The town of Newport issued $1,500,000 of general obligation refunding bonds at a 2% premium. Bond issuance costs of $15,000 were incurred. The proceeds, net of the premium, are being used to refund the outstanding bonds. Debt Service Fund Expenditures will be debited for A) $1,470,000. B) $1,455,000. C) $30,000. D) $15,000. E) $1,500,000