7-16. A successful businessman in the community has contacted the Moose County Board of Commissioners about donating income- producing securities to the County to support a particular activity. Under the agreement, the County would be required to maintain the principal amount of the gift but could use the resulting earnings. The following events occurred in 2020: 1. Securities, which had an original cost of $4,250,000 were donated to the County on January 1. The fair value of the securities at that date was $5,839,000, including Corporate equities of $2,825,000. Corporate bonds of $3,000,000. Accrued interest receivable on the bonds of $14,000. 2. During the year, the fund received $180,000 in interest payments on the bonds. At the end of the year, accrued interest on the bonds totaled $16,500. 3. During the year, the fund received dividends on the corporate equities of $98,000. 4. During the year, the fund paid $230,000 supporting activities identified in the trust agreement and had outstanding bills to be paid of $6,000. 5. The fair value of the securities at December 31 was Page 211 . Corporate equities of $2,785,000. Corporate bonds of $3,060,000.