Please do not give image format 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 theinterstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2024, for 10 years and payinterest 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 theinterest will be transferred from the General Fund. The county's fiscal year-end is December 31.Requireda. Prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that theJanuary 1, 2024, principal and interest payments will be included in the 2024 budget. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)TransactionFund1. Record the budget transaction.1Debt Service FundShow Transcribed TextTransaction Fund / Governmental Activities1. Record the premium and interest on issuance of bondsDebt Service Fund1Governmental ActivitiesShow Transcribed TextGeneral Journalb. The bonds were sold on February 1, 2023, at 101. Prepare the journal entries needed to record the issuance of the bonds, includingthe entries required in the debt service fund and any entries required in the governmental activities general ledger at thegovernment-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first accountfield. Do not round intermediate calculations.)دTransactionFund1. Record the transfer of funds.1Debt Service Fund3General JournalDebitGeneral JournalCreditc. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entryin 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.)DebitDebitCreditCredit d. Prepare the journal entries needed to record the first interest payment made on July 1, including the entries required in the debtservice fund and any entries required in the governmental activities general ledger at the government-wide level. Assume that thestraight-line method is used for premium amortization. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field. Do not round intermediate calculations.)Transaction Fund / Governmental Activties1. Record the first interest payment made on July 1.Debt Service Fund1Governmental ActivitiesShow Transcribed TextTransactionFund1. Record the budget transaction.1Debt Service Fund2. Record the transfer of funds.2nDebt Service FundGeneral Journalf. Prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that theJanuary 1, 2024, principal and interest payments will be included in the 2023 budget. Prepare the entry required to reflect thetransfer of funds from the General Fund to the debt service fund. (You may ignore the entry in the General Fund.) (If no entry isrequired for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediatecalculations.)General JournalDebitDebitCreditCredit

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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.) Transaction Fund 1. Record the budget transaction. Debt Service Fund 1 Show Transcribed Text Transaction Fund / Governmental Activities 1. Record the premium and interest on issuance of bonds Debt Service Fund 1 Governmental Activities 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.) Show Transcribed Text General Journal Transaction Fund 1. Record the transfer of funds. 1 Debt Service Fund General Journal Debit General Journal Credit 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.) Debit Debit Credit Credit