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:

Trial BalanceDecember 31, 2020	Debits				Credits
Cash	$	7,500
Investments		630,000
Additions to permanent endowments					$	625,000
Investment income						48,000
Expendituressubscriptions		39,500
Net increase in fair value of investments						5,000
Accrued interest receivable		2,000
Accounts payable						1,000
	$	679,000			$	679,000

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 Restricted to Subscriptions for any spendable fund balance).