Budgeted and actual debt service transactions. the city of amarillo is authorized to issue $8,000,000, 3 percent regularserial bonds in 2017 for the construction of a new exit off the interstate highway within city limits. the bonds mature inequal annual amounts beginning on january 1, 2018, for 10 years and pay interest on january 1 and july 1 the city isrequired to use all accrued interest and premiums to service the debt the funds to pay the interest will be transferred fromthe general fund. the county's fiscal year-end is december 31requireda. prepare the budgetary entries for 2017 assuming that the bonds were scheduled to be issued on january 2 assume thatthe january 1, 2018, principal and interest payments will be included in the 2018 budgetb . the bonds were sold on february 1, 2017, at 101 prepare the journal entries needed to record the issuance of thebonds, including the entries required in the debt service fund and any entries required in the governmental activitiesgeneral ledger at the government-wide level-c prepare the entry required to reflect the transfer of funds from the general fund in the debt service fund. (you mayignore the entry in the general fund.)d. prepare the journal entries needed to record first interest payment made on july 1, including the entries required in thedebt service fund and any entries required in the governmental activities general ledger at the government-wide level. assume that the straight-line method is used for premium amortization. e. what, if any, adjustments would need to be made to the debt service fund or the governmental activities general ledgerat the govemment-wide level during the fiscal year?