A citizen group raised funds to establish an endowment for the Eastville City Library. Under the...

Trial Balance—December 31, 2017	Debits		Credits
Cash	$	11,000
Investments		528,000
Additions to permanent endowments			$	517,500
Investment income				55,500
Expenditures—subscriptions		44,500
Intergovernmental grant
Net increase in fair value of investments				10,500
Accrued interest receivable		3,250
Accounts payable				3,250
	$	586,750	$	586,750

Required:
a. Prepare any closing entries necessary at year-end.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund.
c. Prepare a balance sheet for the Library Permanent Fund (Use Assigned to Library for any spendable fund balance).

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ekkarill92 answered 1 year ago

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