On march 2,2007 the town of Jonesburg issued 20 year ,6 % general obligation serial bonds at the face amount of $3,000,000 to constuct anew recreation centre ,with costruction to begin april 1,2007,and to be completed by March 31,2008.Interest of 6 % per annum id ude semiannually on March 1 and semptember 1 and the first payments of $150,000for redemption of principal is due on march 1,2008.during the fiscal year ended june 30,2007,construction expenditure amounted to $900,000.As of june 30 2007,no resources had yet been provided to the debt services fund for payment of principal and interest .
where should be the proceeds from the bond issue, long term liability for the bond issue <acured interest payable should be recorded?
at the june 30, 2007, how many amount to be reported as bonds payable on the balance sheet for thedebt service fund ?