$1.[$Para$.6-$d$-1]$ On January $2,2024,$ the Street Improvement Bond Debt Service Fund budget for $2024$ is legally adopted. The budget should provide for estimated property tax revenue of $$645,000,$ of which $$300,000$ will be invested to accumulate resources over the next four years for the $$750,000$ principal payment that will be due on January $1,2028$ for the $2\mathrm{.}5\%$ deferred serial bonds. The budget should include estimated investment earnings of $$4,000$ during $2024.$ Property tax revenues are intended to help pay $$75,000$ interest due during $2024$ on the $2\mathrm{.}5\%$deferred serial bonds $($due January $1$ and July $1),$ as well as the $$82,500$ interest payment that will be due on the $2\mathrm{.}75\%$ serial bonds on July $1,2024.$ The property tax levy will also provide resources to help pay interest of $$120,000$ due on January $1,2025($$$37,500$ interest on the $2\mathrm{.}5\%$ deferred serial bonds and $$82,500$ on the $2\mathrm{.}75\%$ serial bonds$).$ No premium or accrued interest on bonds sold is included in the $2024$ estimated other financing sources or estimated revenues. If the Street Improvement Debt Service Fund does receive such items the budget will be amended accordingly to reflect such items.

Required: Record the budget for FY $2024$ in the general journals for the Street Improvement Bond Debt Service Fund. $[$As a reminder, you should make journal entries for FY $2024$ only in the debt service fund, ignoring any entries for governmental activities at the government$-$wide level or any other funds.$]$

$2.[$Para$.6-$d$-2]$ Property taxes were levied in the amount of $$650,000,$ of which

$$5,000$ was estimated to be uncollectible.

Required: Prepare the journal entry to record the taxes levied and related estimated uncollectible.

$3.[$Para$.6-$d$-3]$ Bond interest due on January $1,2024$ in the amount of $$37,500$ was paid for the $2\mathrm{.}5\%$ deferred serial bonds.

Required: Prepare the journal entry to record the payment of interest.

$4.[$Para$.6-$d$-4]$ On March $1,2024,$ the Street Improvement Debt Service Fund received $$27,500$ for two months of accrued interest from the sale of the additional $$6,000,000$ street improvement bonds $($see first paragraph of section d$).$ Required: Prepare journal entries to record the receipt of $$27,500$ in cash. Also, prepare a journal entry to amend the FY $2024$ budget to reflect the amount of the accrued interest on bonds sold. You should credit Budgetary Fund Balance for the full $$27,500,$ since the appropriation for the interest payment due on July $1,2024,$ was recorded in Paragraph $6-$d$-1.$