Presented below is the preclosing trial balance for the Retiree Health Benefit Trust of the Alger County School District.Trial Balance—December 31, 2024DebitsCreditsAccrued Interest Receivable$17,000 Cash10,200 Accounts Payable $4,500Contributions—Employee 355,000Contributions—Employer 637,000Deductions: Benefit Payments610,000 Deductions: Administrative Expense32,000 Increase in Fair Value of Investments 270,000Investment Income—Dividends 65,000Investment Income—Interest Income 150,300Investments—Corporate Bonds1,222,000 Investments—Corporate Stocks2,272,000 Investments—U.S. Treasury Securities650,000 Fiduciary Net Position Restricted—for other post-employment benefits 3,543,700Receivables—Employee22,300 Receivables—Employer190,000 $5,025,500$5,025,500Required:Prepare (1) the year-end closing entries, (2) a Statement of Changes in Fiduciary Net Position, and (3) a Statement of Fiduciary Net Position for the year ended December 31, 2024.

A financial statement that details changes in a government's financial assets that are held in trust…

Answered: Presented below is the preclosing trial…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxati On Of Trusts And Estates

Section: Chapter Questions

Problem 16CE

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Presented below is the preclosing trial balance for the Retiree Health Benefit Trust of the Alger County School District.

Trial Balance—December 31, 2024	Debits	Credits
Accrued Interest Receivable	$17,000
Cash	10,200
Accounts Payable		$4,500
Contributions—Employee		355,000
Contributions—Employer		637,000
Deductions: Benefit Payments	610,000
Deductions: Administrative Expense	32,000
Increase in Fair Value of Investments		270,000
Investment Income—Dividends		65,000
Investment Income—Interest Income		150,300
Investments—Corporate Bonds	1,222,000
Investments—Corporate Stocks	2,272,000
Investments—U.S. Treasury Securities	650,000
Fiduciary Net Position Restricted—for other post-employment benefits		3,543,700
Receivables—Employee	22,300
Receivables—Employer	190,000
	$5,025,500	$5,025,500

Required:

Prepare (1) the year-end closing entries, (2) a Statement of Changes in Fiduciary Net Position, and (3) a Statement of Fiduciary Net Position for the year ended December 31, 2024.

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Presented below is the preclosing trial balance for the Retiree Health Benefit Trust of the Alger County School District. Trial Balance—December 31, 2024 Debits Credits Accrued Interest Receivable $17,000 Cash 10,200

Required: