Special assessments levy, serial bonds, debt service fund, long-term debt account group. This exercise is based on the facts of Exercise 5 for the town of Bayview’s special assessment project. Assume...

Special assessments levy, serial bonds, debt service fund, long-term debt account group. This exercise is based on the facts of Exercise 5 for the town of Bayview’s special assessment project. Assume special assessment property owners make the required payments to the debt service fund, and the debt service fund, in turn, makes the payments required by the serial bonds. Record all entries in the debt service fund and in the general long-term debt account group for 2018.