The Town of Walton established a debt service fund to make interest and principal payments on tax-supported bonds that were issued. On January 1, 2017, the Town of Walton issued $5,000,000 of4% tax-supported bonds. The bonds are dated January 1, 2017 with interest payment dates of June 30 and December 31. The first of 10 annual principal payments is due on December 31,2017. The bonds were sold at a $48,000 premium that was transferred to the Debt Service Fund from the capital projects fund to be used to fund the first payment. Cash sufficient to cover interest and principal payments for the year less the premium is transferred from the General fund on June 1st. 1) Record the entry to receive the premium that was transferred from the general fund on January 5 2) Record the transfer from the general fund for the interest and principal payments for the year less the premium amount already in the debt service fund on June 1. 3) Record the entry to pay bond interest on June 30, 2017. 4) Record the entry to pay bond interest and principal on December 31, 2017 5) Record the necessary closing entry at December 31, 2017