City of Rocky Basin Private - Purpose Trust Fund College Scholarship Fund Statement of Changes in Fiduciary Net Position For the Year Ended December 31, 2022 Additions: 1. A prominent citizen fundsthe trust for the College Scholarship Fund with $4,500,000 from her estate based on the provisions of her will. The City of Rocky Basin controls the trust assets. The terms of the will require the trust tomaintain the principal intact; investment income is to be used to provide college scholarships for deserving graduates of Rocky Basin High School, which is independent from the City of Rocky Basin. 2.The entire gift is invested in certificates of deposit (CDs). 3. Interest income of $225,000 was received in cash. 4. That $225,000 was reinvested in short-term CDs. 5. The short-term CDs matured,yielding interest income of $2,250. 6. Interest income of $252,000 was received in cash. 7. Scholarships totaling $146,250 were paid to eligible students based on the provisions of the will thatestablished the trust. 8. Interest income of $5, 175 was accrued at the end of 2022. 9. The General Fund charged the Scholarship Fund $6, 750: $4,500 for investment costs and $2,250 in accountingcosts for the fund. The amounts were unpaid at fiscal year-end. PLEASE COMPLETE THE STATEMENT OF NET CHANGES BASED ON THE ATTACHED PHOTO. NO JOURNAL ENTRIES NECESSARY. City of Rocky BasinPrivate-Purpose Trust FundCollege Scholarship FundStatement of Changesin Fiduciary Net PositionFor the Year Ended December 31, 2022Additions:ContributionsInvestment earnings:Interest incomeInvestment expensesNet investment incomeTotal additionsDeductions:Scholarship disbursementsAdministrative costsTotal deductionsNet increase in fiduciary net positionNet position-beginning of yearNet position-end of yearX4,500146250 ✔2250 ✔$ 4500000tA$0 x1 x1485001 x01 x

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City of Rocky Basin Private-Purpose Trust Fund College Scholarship Fund Statement of Changes in Fiduciary Net Position For the Year Ended December 31, 2022 Additions: Contributions Investment earnings: Interest income Investment expenses Net investment income Total additions Deductions: Scholarship disbursements Administrative costs Total deductions Net increase in fiduciary net position Net position-beginning of year Net position-end of year X 4,500 146250 2250 ✔ $ 4500000 $ tA 0 x 1 × 148500 1 x 0✔ 1 x

City of Rocky Basin Private-Purpose Trust Fund College Scholarship Fund Statement of Changes in Fiduciary Net Position For the Year Ended December 31, 2022 Additions: Contributions Investment earnings: Interest income Investment expenses Net investment income Total additions Deductions: Scholarship disbursements Administrative costs Total deductions Net increase in fiduciary net position Net position-beginning of year Net position-end of year X 4,500 146250 2250 ✔ $ 4500000 $ tA 0 x 1 × 148500 1 x 0✔ 1 x

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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