6 SThe City of St. John operates an investment trust fund for neighboring governments, including St. John County and the independentschool district. Assume the investment trust fund began the year 2024 with investments in U.S. government securities totaling$1,301,000, no liabilities, and Restricted Net Position of $1,301,000.1. The County and school district deposited $3,179,000 in the investment pool.2. The investment trust fund invested $733,000 in corporate bonds and $2,446,000 in U.S. government securities.3. Interest received by the investment trust fund totaled $115,000 for the year.4. At year-end, the fair value of the corporate bonds had increased by $1,700.5. The earnings of the fund (there are no expenses) are allocated among the accounts of the participating governments.6. Throughout the year, the participating governments withdrew $3,264,000 of funds from the investment trust fund. Assume that anequal amount of short-term investments were converted to cash as they matured.Required:a. Record the above transactions in the books of the Civic Scholarship Fund.b. Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholarship Fund for the year ended June 30, 2024.Complete this question by entering your answers in the tabs below.Required A Required BRecord the above transactions in the books of the Civic Scholarship Fund.Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.View transaction listJournal entry worksheetABCDEFGThe County and school district deposited $3,179,000 in the investment pool.

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s equal amount of short-term investments were converted to cash as they matured. Required: a. Record the above transactions in the books of the Civic Scholarship Fund. b. Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholarship Fund for the year ended June 30, 2024. Complete this question by entering your answers in the tabs below.

s equal amount of short-term investments were converted to cash as they matured. Required: a. Record the above transactions in the books of the Civic Scholarship Fund. b. Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholarship Fund for the year ended June 30, 2024. Complete this question by entering your answers in the tabs below.

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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