The Village of Hawksbill issued $$5,300,000$ in $5$ percent general obligation, tax$-$supported bonds on July $1,2023,$ at a premium of $1\mathrm{.}5$ Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December $31,2023.$

$\backslash$table$[[$VILLAGE OF HAWKSBILL,$],[$Debt Service Fund,$],[$Changes in Fund Balance,$],[$For the Year Ended December $31,2023,],[$Revenues$,],[$Total Revenues,$],[$Expenditures$,],[$Debt Service,$],[,],[0,],[$Total Expenditures,$],[$Excess $($Deficiency$)$ of Revenues Over Expenditures,$],[$Other Financing Sources $($Uses$),],[,],[,],[$Total other Financing Sources $($Uses$),],[$Net Change in Fund Balance,$],[$Fund Balance, January $1,],[$Fund Balance, December $31,]]$ Prepare journal entries to record the events above in the debt service fund.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

A

B

C

D

E

F

G

H

I

J

$>$

Record the sale of bonds in capital projects fund.

Note: Enter debits before credits. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December $31,2023.$

$\backslash$table$[[$VILLAGE OF HAWKSBILL,$],[$Debt Service Fund,$],[$Changes in Fund Balance,$],[$For the Year Ended December $31,2023,],[$Revenues$,],[$Total Revenues,$],[$Expenditures$,],[$Debt Service,$],[,],[0,],[$Total Expenditures,$],[$Excess $($Deficiency$)$ of Revenues Over Expenditures,$],[$Other Financing Sources $($Uses$),],[,],[,],[$Total other Financing Sources $($Uses$),],[$Net Change in Fund Balance,$],[$Fund Balance, January $1,],[$Fund Balance, December $31,]]$ Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended

December $31,2024.$

Note: Deductions should be entered with a minus sign.

percent. 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 will be made on June $30,2024.$ Hawksbill has a

calendar fiscal year.

A capital projects fund transferred the premium to the debt service fund.

On December $31,2023,$ funds in the amount of $$132,500$ were received from the General Fund, and the first interest payment was

made.

The books were closed for $2023.$

On June $30,2024,$ funds in the amount of $$318,000$ were received from the General Fund, and the second interest payment

$($$$132,500)$ was made along with the first principal payment $($$$265,000).$

On December $31,2024,$ funds in the amount of $$125,875$ were received from the General Fund, and the third interest payment was

made $($also in the amount of $$125,875).$

The books were closed for $2024.$

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 $31,2023.$

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

December $31,2024.$