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 of the library permanent fund follows: cash $13,500, investments $538,000, additions to permanent endowments $525,000, investment income $63,000, expenditure subscriptions $49,500, Net increase in fair value of investments $13,000, Accrued interest receivable $4,500 and accounts payable $4,500 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) Please provide explanations for entries to help with understanding for this homework. Thank you.