Business, 23.04.2021 16:00 carapiasebas

Hatcher Village, which operates on the calendar year, issued a 5-year, 8%, $100,000 note to the Bank of Hatcher on January 5, 20X4. The proceeds of the note were recorded in a Capital Projects Fund. Interest and one-tenth (1/10) of the principal are due semiannually, on January 5 and July 5, beginning July 5, 20X4. A DSF has been estab-lished to service this debt; financing will come from General Fund transfers and a small debt service tax approved several years ago. The net assets of the fund at year end are not restricted or committed. Required:
a. Prepare the general journal entries (budgetary and actual) needed to record the following transactions and events.
b. Prepare a balance sheet at December 31, 20X4, and a Statement of Revenues, Expenditures, and Changes in Fund Balance for the year then ended for the DSF.
Transactions and Events
1. January 6: The DSF budget for 20X4 was adopted. The General Fund contribution was estimated at $10,000; the tax levy was expected to yield $18,000. The appropriations included the January 5, 20X5, debt service payment.
2. The taxes were levied and received, $20,000.
3. The July 5, 20X4, payment of principal and interest was made.
4. The General Fund contribution of $10,000 was received.
5. The residual balance of a discontinued Capital Projects Fund, $6,000, was transferred to the DSF.
6. The January 5, 20X5, payment was accrued.
7. Closing entries were prepared at December 31, 20X4.

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Hatcher Village, which operates on the calendar year, issued a 5-year, 8%, $100,000 note to the Bank...