A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: Debits $ 10,000 524,080 Trial Balance-December 31, 2017 Cash Investments Additions to permanent endowments Investment income Expenditures-subscriptions Intergovernmental grant Net increase in fair value of investments Accrued interest receivable Accounts payable Credits $ 514,500 52,500 42,500 9,500 2,750 2,750 579,250 579,250 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund. c. Prepare a balance sheet for the Library Permanent Fund (Use Assigned to Library for any spendable fund balance) Journal entry worksheet 1 Record the closing entry to transfer revenue and expenditure to fund balance. Note: Enter debits before cred its. General Journal Event Debit Credit Record entry Clear entry View general journal Required A Required B Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for EASTVILLE CITY LIBRARY Library Permanent Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2017 Revenues: Total Revenues Expenditures: Net Change in Fund Balance Fund Balance, Jan. 1, 2017 Fund Balance, Dec. 31,2017 EASTVILLE CITY LIBRARY Library Permanent Fund Balance Sheet As of December 31, 2017 Assets 0 Total Assets Liabilities and Fund Balnce Liabilities: Fund Balance: Total Fund Balance 0 $ 0 Total Liabilities and Fund Balance