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	$	12,000
Investments		532,000
Additions to permanent endowments					$	520,500
Investment income						58,500
Expendituressubscriptions		46,500
Net increase in fair value of investments						11,500
Accrued interest receivable		3,750
Accounts payable						3,750
	$	594,250			$	594,250

Required: 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).

Required A Required B Required C Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund. EASTVILLE CITY LIBRARY Library Permanent Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues Additions to Permanent Endowments $ 520,500 Investment Income: Net Increase in Fair Value of Investments 11,500 532,000 Total Revenues Expenditures Current Subscriptions (46,500) (46,500) 544,000 Total Expenditures Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 $ 544,000 Required A Required B Required C Prepare a balance sheet for the Library Permanent Fund (Use Restricted to Subscriptions for any spendable fund balance). EASTVILLE CITY LIBRARY Library Permanent Fund Balance Sheet As of December 31, 2020 Assets Cash Investments Accrued Interest Receivable 58,500 $ 58,500 Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities Accounts Payable 0 Total Liabilities Fund Balances NonspendablePermanent Fund Principal Restricted to Subscriptions 0 Total Fund Balances Total Liabilities and Fund Balances $ 0