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The City of Spartan's fiscal year ends on December 31. On October 1, 2020, the...

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Accounting

The City of Spartan's fiscal year ends on December 31. On October 1, 2020, the city issued $1,000,000 of 6%, 10-year term bonds with semiannual interest payments due on April 1 and October 1 each year, beginning on April 1, 2021. What amount of expenditures should the city recognize in its debt service fund for the years 2020 and 2021?

A. $30,000 in 2020; $60,000 in 2021.

B. $60,000 in 2020; $60,000 in 2021.

C. $15,000 in 2020; $6,000 in 2021.

D. $0 in 2020; $60,000 in 2021.

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