The Village of Hawksbill issued $5,000,000 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 LA capital projects fund transferred the premium (in the amount of $100,000) to the debt service fund. 2 On December 31, 2019, funds in the amount of $125,000 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 $275,000 were received from the General Fund, and the second Interest payment ($125,000) was made along with the first principal payment ($250,000). 5. On December 31, 2020. funds in the amount of $118.750 were received from the General Fund and the third Interest payment was made (also in the amount of $118,750). 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. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2020 Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries to record the events above in the debt service fund. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View allsa L HEL 1 Record the sale of bonds in capital projects fund. 2 Record the transfer of premium to the debt service fund. 3 Record the receipt from the general fund for interest. 4 Record the interest expenditure incurred. 5 Record the transfer-in and expenditure to the fund balance account. 6 Record the receipt from the general fund. 7 Record the payment of principal and interest. 4 Record the interest expenditure incurred. 5 Record the transfer-in and expenditure to the fund balance account. 6 Record the receipt from the general fund. 7 Record the payment of principal and interest. 8 Record the receipt from the general fund for interest. 9 Record the interest expenditure incurred. 10 Record the transfer-in and expenditure to the fund balance account. Note : = journal entry has been entered Record entry Clear Entry Prepare a Statement of Revenues, Expenditures, and Changes in Fur December 31, 2019. age of Hawkshill Debt Service Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2019 Revenues Expenditures Debt Service Interest 0 Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses) S0 Total other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance. December 31
