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Required information [The following information applies to the questions displayed below.) As of December 31, 2022. Sandy Beach had $8,200,000 in 6.0 percent serial bonds outstanding. Cash of $551,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments Required c. Prepare a balance sheet for the debt service fund as of December 31, 2023. SANDY BEACH Debt Service Fund Balance Sheet December 31, 2023 Assets (Cash Taxes Receivable Delinquent $ 500,000 Total Assets $ 500,000 Deferred inflows of Resources Required c. Prepare a balance sheet for the debt service fund as of December 31, 2023. SANDY BEACH Debt Service Fund Balance Sheet December 31, 2023 Assets Cash $ 500,000 Taxes Receivable-Delinquent $ 500,000 Total Assets Deferred Inflows of Resources Unavailable Revenues Fund Balances Fund Balance-Restricted for Debt Service Total Deferred Inflows of Resources and Fund Balance $ 0

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