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 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 $ Debits 8,500 518,000 Credits $ 510,000 48,000 39,500 2,000 8,000 2,000 $ 568,000 $ 568,000 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 Assigned to Library for any spendable fund balance).