The Town of Lilehammar has $3,000,000 of 6 percent bonds outstanding. Interest on the general obligation, general government indebtedness is payable semiannually each March 31 and September 30. December 31 is the fiscal year-end. Record the following transactions in the town’s debt service fund.
1. Received a transfer from the general fund to provide financing for the March 31, interest payment.
2. Paid the interest due on March 31.
3. Received a transfer from the general fund to provide financing for the September 30, interest payment and retirement of $1,000,000 of the bonds.
4. Paid the interest on September 31, and repaid $1,000,000 of the bonds.
5. December 31 is the fiscal year-end. Record any appropriate adjustments.
6. Received a transfer from the general fund to provide financing for the March 31 interest payment for year 2 of the bond.
7. Paid the interest due on March 31 for year 2 of the bond.
REQUIRED: Prepare a statement of revenues, expenditures, and changes in fund balance for the Town of Lilehammar debt service fund for the year ended December 31, 2014.
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