ONLY NEED ANSWER FOR SECTION F - THE REST IS CORRECT

The City of Amarillo is authorized to issue $8,000,000, 3 percent regular serial bonds in 2023 for the construction of a new exit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2024 for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General Fund. The county's fiscal year-end is December 31. Required a. Prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that the January 1, 2024, principal and interest payments will be included in the 2024 budget. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Answer is complete and correct. Transaction Fund General Journal Debit Credit 1. Record the budget transaction 1 Debt Service Fund Estimated Other Financing Sources-Transfers in 120,000 Appropriations 120,000 b. The bonds were sold on February 1, 2023, at 101. Prepare the journal entries needed to record the issuance of the bonds, including the entries required in the debt service fund and any entries required in the governmental activities general ledger at the government-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Debit Credit Answer is complete and correct. Transaction Fund / Governmental Activties General Journal 1. Record the premium and interest on issuance of bonds 1 Debt Service Fund Cash Other Financing Sources-Premium on Bonds Revenues 100,000 OOO 80,000 20,000 Governmental Activities 8,100,000 Cash Bonds Payable Premium on Bonds Payable Accrued Interest Payable OOOO 8,000,000 80,000 20,000 c. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entry in the General Fund.) (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations. Answer is complete and correct. General Journal Debit Credit Transaction Fund 1. Record the transfer of funds. 1 Debt Service Fund > 20,000 > Cash Other Financing Sources-Interfund Transfers in 20,000 d. Prepare the journal entries needed to record the first interest payment made on July 1, including the entries required in the debt service fund and any entries required in the governmental activities general ledger at the government-wide level Assume that the straight-line method is used for premium amortization. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.) Answer is complete and correct. General Journal Debit Credit Transaction Fund / Governmental Activies 1. Record the first interest payment made on July 1. 1 Debt Service Fund 120.000 Expenditures-Bond Interest Cash 120,000 Governmental Activities Accrued Interest Payable Premium on Bonds Payable Interest Expense Cash OOOO OO 20,000 4,000 98,000 120,000 Prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that the January 1, 2024, principal and interest payments will be included in the 2023 budget. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entry in the General Fund.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Answer is not complete. General Journal Debit Credit Transaction Fund 1. Record the budget transaction 1 Debt Service Fund Estimated Other Financing Sources-Transfers in Appropriations 2. Record the transfer of funds 2 Debt Service Fund Cash Other Financing Sources-Interlund Transfers in olo