3

On July 1, 2016, the City of Belvedere accepted a giit of cash tne dmbUNL O from a number of individuals and foundations and signed an agreement to establish a private-purpose trust. The $3,220,000 and any additional gifts are to be Invested and retained as principal. Income from the trust is to be distributed to community nonprofit groups as directed by a Board consisting of city officlals and other community leaders The agreement provides that any iIncreases in the market value of the principal Investments are to be held in trust, if the Investments fall below the gift amounts, then earnings are to be withheld untl the principal amount is re-established. 1 On July 1, the original gift of cash was received 2 On August 1, $2194,000 in XZ Company bonds were purchased at par plus accrued Interest ($18,283). The bonds pay an annual rate of 5 p ercent interest semlannually on Aprii 1 and October 1 declares and pays dividends semlannually, on January 31 and July 31 Company. Note that part of this is for accrued interest due at the time of purchase; the 3. On August 2 $903,000 in ABC Company common stock was purchased. ABC normally 4. On October 1, the first semiannual interest payment ($54,850) was received from remaining part is an addition that may be used for distribution $25,000 stock was purchased for $967,000 5. On January 31, a cash dividend was received from ABC Company in the amount of 6. On March t, the ABC stock was sold for $921,000. On the same day. DEF Company 7 On April 1, the second semlannuai interest payment was rece ved from XYZ Company 8. During the month of June, distributions were approved by the Board and paid in cash in the amount of $82700 9. Administrative expenses were recorced and paid in the amount of $5.700 10. An accrual for interest on the XYZ bonds was made as of June 30. 2017 11. As of June 30, 2017, the farrivalue of the KYZ bonds, exclusive of accrued interest, was determined to be S2196.000 The fair valuelof the DEF stock was determined to be $9570 $957000 12 Closing entres were prepared. The above events and transactions occurred during the fiscal year ended June 30, 2 Book erences Required: a. Record Journal Entry In the Belvedere Community Trust Fund b. Prepare () a Statement of Changes in Fiduclary Net Position for the Belvedere Community Trust Fund and (2) a Statement of Flduciary Net Position Complete this question by entering your answers in the tabs bel ow. Required A Required B1 Required B2 Prepare a Statement of Changes in Fiduciary Net Position for the Belvedere Communi the nearest whole dollar amount.) CITY OF BELVEDERE Statement of Changes in Fiduciary Net Position Community Trust Fund For the Year Ended June 30, 2017 Additions Investment Earnings Prepare aELER the nearest whole dollar amount.) CITY OF BELVEDERE Statement of Changes in Fiduciary Net Position Community Trust Fund For the Year Ended June 30, 2017 Additions: Investment Earnings: Total Investment Earnings Total Additions Deductions Total Deductions 0 t Required A Required B2 > Required A Required B1 Required B2 Prepare a Statement of Fiduciary Net Position. (Round your answers to the nearest whole dollar a CITY OF BELVEDERE Statement of Fiduciary Net Position Community Trust Fund As of June 30, 2017 nces Assets Investments, at Fair Value: Total Investments 0 Total Assets 0 Liabilities: Fiduciary Net position On July 1, 2016, the City of Belvedere accepted a giit of cash tne dmbUNL O from a number of individuals and foundations and signed an agreement to establish a private-purpose trust. The $3,220,000 and any additional gifts are to be Invested and retained as principal. Income from the trust is to be distributed to community nonprofit groups as directed by a Board consisting of city officlals and other community leaders The agreement provides that any iIncreases in the market value of the principal Investments are to be held in trust, if the Investments fall below the gift amounts, then earnings are to be withheld untl the principal amount is re-established. 1 On July 1, the original gift of cash was received 2 On August 1, $2194,000 in XZ Company bonds were purchased at par plus accrued Interest ($18,283). The bonds pay an annual rate of 5 p ercent interest semlannually on Aprii 1 and October 1 declares and pays dividends semlannually, on January 31 and July 31 Company. Note that part of this is for accrued interest due at the time of purchase; the 3. On August 2 $903,000 in ABC Company common stock was purchased. ABC normally 4. On October 1, the first semiannual interest payment ($54,850) was received from remaining part is an addition that may be used for distribution $25,000 stock was purchased for $967,000 5. On January 31, a cash dividend was received from ABC Company in the amount of 6. On March t, the ABC stock was sold for $921,000. On the same day. DEF Company 7 On April 1, the second semlannuai interest payment was rece ved from XYZ Company 8. During the month of June, distributions were approved by the Board and paid in cash in the amount of $82700 9. Administrative expenses were recorced and paid in the amount of $5.700 10. An accrual for interest on the XYZ bonds was made as of June 30. 2017 11. As of June 30, 2017, the farrivalue of the KYZ bonds, exclusive of accrued interest, was determined to be S2196.000 The fair valuelof the DEF stock was determined to be $9570 $957000 12 Closing entres were prepared. The above events and transactions occurred during the fiscal year ended June 30, 2 Book erences Required: a. Record Journal Entry In the Belvedere Community Trust Fund b. Prepare () a Statement of Changes in Fiduclary Net Position for the Belvedere Community Trust Fund and (2) a Statement of Flduciary Net Position Complete this question by entering your answers in the tabs bel ow. Required A Required B1 Required B2 Prepare a Statement of Changes in Fiduciary Net Position for the Belvedere Communi the nearest whole dollar amount.) CITY OF BELVEDERE Statement of Changes in Fiduciary Net Position Community Trust Fund For the Year Ended June 30, 2017 Additions Investment Earnings Prepare aELER the nearest whole dollar amount.) CITY OF BELVEDERE Statement of Changes in Fiduciary Net Position Community Trust Fund For the Year Ended June 30, 2017 Additions: Investment Earnings: Total Investment Earnings Total Additions Deductions Total Deductions 0 t Required A Required B2 > Required A Required B1 Required B2 Prepare a Statement of Fiduciary Net Position. (Round your answers to the nearest whole dollar a CITY OF BELVEDERE Statement of Fiduciary Net Position Community Trust Fund As of June 30, 2017 nces Assets Investments, at Fair Value: Total Investments 0 Total Assets 0 Liabilities: Fiduciary Net position