The Village of Hawksbill issued $$4,000,000$ in $5$ percent general obligation, tax$-$supported bonds on July $1,2019,$ at $102.$ A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December $31$ and June $30.$ The first of $20$ annual principal payments is to be made June $30,2020.$ Hawksbill has a calendar fiscal year.

$1.$ A capital projects fund transferred the premium $($in the amount of $$40,000)$ to the debt service fund.

$2.$O n December $31,2019,$ funds in the amount of $$100,000$ were received from the General Fund and the first interest payment was made.

$3.$ The books were closed for $2019.$

$4.$ On June $30,2020,$ funds in the amount of $$220,000$ were received from the General Fund, and the second interest payment $($$$100,000)$ was made along with the first principal payment $($$$200,000).$

$5.$ On December $31,2020,$ funds in the amount of $$95,000$ were received from the General Fund and the third interest payment was made $($also in the amount of $$95,000).$

$6.$ The books were closed for $2020.$

Required:

a$)$ Prepare journal entries to record the events above in the debt service fund.

b$)$ Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December $31,2019.$

c$)5-8(B)$

VILLAGE OF HAWKSBILL

DEBT SERVICE FUND

STATEMENT OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCE

YEAR ENDED DECEMBER $31,2020$

REVENUES

EXPENDITURES

DEBT SERVICE

PRINCIPAL

INTEREST

TOTAL EXPENDITURES

EXCESS $($DEFICIENCY$)$ OF REVENUES OVER EXPENDITURES

OTHER FINANCING SOURCES $($USES$)$

TRANSFERS IN

TOTAL OTHER FINANCING SOURCES $($USES$)$

NET CHANGE IN FUND BALANCE

FUND BALANCE, JANUARY $1$

FUND BALANCE, DECEMBER $31$

$80,000$

$

$

$0$Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December $31,2020.$