2022. P8-55. (Journal entries and financial statements for a Private-Purpose Trust Fund) Prepare (a) the journal entries for 2022 necessary to record the following events and transactions for the College Scholarship Private-Purpose Trust Fund, a fiduciary component unit of the City of Rocky Basin; (b) a statement of changes in fiduciary fund net position for the fiscal year ending December 31, 2022, for the fund; (c) a statement of fiduciary fund net position as of that date; and (d) the 2022 closing entry (entries) for the fund. 1. A prominent citizen funds the trust for the College Scholarship Fund with $2,000,000 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 to maintain 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 $100,000 was received in cash. 4. That $100,000 was reinvested in short-term CDs. 5. The short-term CDs matured, yielding interest income of $1,000. 6. Interest income of $112,000 was received in cash. 7. Scholarships totaling $65,000 were paid to eligible students based on the provisions of the will that established the trust. 8. Interest income of $2,300 was accrued at the end of 2022. 9. The General Fund charged the Scholarship Fund $3,000: $2,000 for investment costs and $1,000 in accounting costs for the fund. The amounts were unpaid at fiscal year-end.