7-C. 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, 2017 Debits Credits Cash Accrued Interest Receivable Investments in Corporate Bonds Net position Held in Trust Totals $ 50,500 7,500 750,000 $808,00 $808,000 $808,000 Required a. Open a general journal for the City of Monroe Community Foundation Trust Fund and record the following transactions for the year ending December 31, 2017 (1) On May 1, the first semiannual interest payment was received on the corporate bonds. The bonds pay 6 percent annual interest, semiannually on May 1 and November1 (2) During the first half of the year, additional contributions from individuals and foundations amounted to $205,500, 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 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 $48,000 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 7-C. Part 2. Pension Trust Fund Transactions The City of Monroe Police Department pension plan, a single-employer, defined-benefit plan, reported the following account balances as of January 1, 2017 Debits Credits Cash Accrued Interest Receivable Investments: Bonds Investments: Common Stock Accounts Payable Net position Held in Trust for Employee Benefits Totals $ 137,000 75,000 5,300,000 2,790,000 $ 27,000 8,275,000 $8,302,000 $8,302,000 Required a. Open a general journal for the City of Monroe Police Department Pension Trust Fund and record the following transactions for the year ending December 31, 2017 (1) Member contributions were received in the amount of $400,000. The City General Fund contributed the same amount. (2) Interest was received in the amount of $212,000, including the accrued interest receivable at the beginning of the year. The interest accrual at year end amounted to $86,000 (3) During the year, common stock dividends amounted to $125,000 was received in cash. (4) Investments were made during the year in common stock in the amount of $650,000 (5) Annuity benefits in the amount of $325,400, disability benefits of $82,020 and refunds to nonvested terminated employees of $39,800 were recorded as liabilities (6) Accounts payable, in the amount of $460,700, were paid in cash (7) During the year, common stock valued at $505,000 was sold for $506,800. A portion of these funds, $500,000 were invested in common stock of a different company (8) At year-end, the market value of investments in bonds increased by $7,750; the market value of investments in stocks decreased by $3,250 b. Post the entries to the Police Department Pension Trust ledger (t-accounts). C. Prepare and post an entry closing all nominal accounts to Net position 7-C. Part 3. Fiduciary Fund Financial Statements Required Using the balances from Parts 1 and 2 prepare the following: 1. Statement of Changes in Fiduciary Net position. 2 Statement of Fiduciary Net position