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As of December Sandy Beach had $ in percent serial bonds outstanding. Cash of $ is
the debt service fund's only asset as of December and there are no liabilities. The serial bonds pay interest
semiannually on January and July with $ in bonds being retired on each interest payment date.
Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property
taxes in an amount sufficient to cover principal payments.
b Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ende
December
Required
c Prepare a balance sheet for the debt service fund as of December
