THIS IS ALL ONE PROBLEM, I NEED THE JOURNAL ENTERIES AND THE AMOUNTS, THANKS

The City of Smooze issued a $20,000,000 5% term bond on July 1, 2020 at 102. The proceeds will be used to finance the construction of a new city courthouse. The bond pays interest semiannually on July 1 and January 1^st. Principal repayment is due on July 1, 2030 (10 year bond). Record the entries listed below for fund reporting and government-wide reporting. The City is on a calendar year reporting cycle (i.e. year end is December 31^st).

Analysis: this is a governmental debt since it is being used to purchase general capital assets. As such, the debt will be reported in governmental activities. The funds that will be used include the Capital Projects Fund (for the construction of the courthouse), the Debt Services Fund (for the repayment of the debt) and Governmental Activities. Since this is a term bond, likely the government would also have a sinking fund but these entries are ignored in this example.

Record entries for the Capital Projects Fund, Debt Service Fund and Governmental Activities:

Issuance of the bond on July 1, 2020

Adjusting entries at year end (December 31)

Debt service payments on January 1, 2021 (will only be interest)

Debt service payments on July 1, 2030 (maturity date) (will be principal and interest)

Compute the following amounts:

Interest expenditure for 2020 and 2021

Interest expense for 2020 and 2021

What if this bond were issued on September 1^st instead?

Issuance of the bond on September 1, 2020

Adjusting entries at year end (December 1)

Debt service payments on January 1, 2021 (will only be interest)

Debt service payments on July 1, 2030 (will be principal and interest)

Interest expenditure for 2020 and 2021

Interest expense for 2020 and 201

In words, not entries or numbers, briefly explain how the entries would change for the debt service fund and governmental activities if this were a serial bond and both principal and interest payments are made on July 1 and January 1 (first payment due January 1 2021)