please assist need answer for all with full working please answer in text not image answer in detail with explanation , computation , formulation very thanks The Village of Hawksbill issued $5,900,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 101.A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interestpayment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020.Hawksbill has a calendar fiscal year.1. A capital projects fund transferred the premium (in the amount of $59,000) to the debt service fund.2. On December 31, 2019, funds in the amount of $147,500 were received from the General Fund and the first interestpayment was made.3. The books were closed for 2019.4. On June 30, 2020, funds in the amount of $383,500 were received from the General Fund, and the second interestpayment ($147,500) was made along with the first principal payment ($295,000).5. On December 31, 2020, funds in the amount of $140,125 were received from the General Fund and the third interestpayment was made (also in the amount of $140,125).6. The books were closed for 2020.Required:a. Prepare journal entries to record the events above in the debt service fund.b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the yearended December 31, 2019.c. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the yearended December 31, 2020.

The Statement of Changes in Revenues, Expenses, and Fund Balances is a financial statement that…

Required: a. Prepare journal entries to record the events above in the debt service fund. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2019. c. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2020.

Required: a. Prepare journal entries to record the events above in the debt service fund. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2019. c. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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