7C. Part 1. Private Purpose Trust Fund Transactions The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2020:

	Debits			Credits
Cash	$	50,500
Accrued Interest Receivable		7,500
Investments in Corporate Bonds		750,000
Net position Held in Trust				$	808,000
Totals	$	808,000		$	808,000

Required: a. Record the following transactions in the general journal of the City of Monroe Community Foundation Trust Fund for the year ending December 31, 2020.

(1) On May 1, the first semiannual interest payment ($22,500) was received on the corporate bonds. The bonds pay 6 percent annual interest, semiannually on May 1 and November 1.

(2) During the first half of the year, additional contributions from individuals and foundations amounted to $211,000, in cash. From these funds, $200,000 were invested in RST Corporation stock on June 15.

(3) On November 1, the second semiannual interest payment ($22,500) was received from the investment in bonds.

(4) On November 15, a dividend was declared by RST Corporation in the amount of $2,000 and was received in cash.

(5) On December 1, RST Corporation stock was sold for $204,000 cash. Those funds were immediately invested in UVW Corporation stock.

(6) On December 15, cash scholarships in the amount of $51,000 were made to various college students.

(7) On December 31, an accrual was made for year-end interest on the corporate bonds.

(8) Also, on December 31, it was determined that the market value of the corporate bonds, exclusive of accrued interest, was $752,100 and that the market value of UVW Company stock was $199,000.

b. Post the entries to the Community Foundation Trust ledger (T-accounts).

c. Prepare and post an entry closing all nominal accounts to Net position.