A successful entrepreneur in Cardinal City has contacted the Cardinal City Board of Commissioners about donating income-producing securities to the City to support college scholarships of residents of the community going to college. Under the agreement, the city would be required to maintain the principal amount of the gift but could use the resulting earnings. The following events occurred during the year. Please record journal entries for each of these in the Cardinal City Private Purpose Trust Fund. 1. Securities which had an original cost of $4,250,000 were donated to the City on January 1. The fair value of the securities at that date was $5,839,000. 2. During the year the fund received $180,000 in interest payments on bond investments. 3. During the year the fund received $98,000 in dividend payments from investments in equity securities. 4. During the year the fund paid $230,000 in scholarships. 5. The fair value of the securities at the end of the year was $6,100,000. A successful entrepreneur in Cardinal City has contacted the Cardinal City Board of Commissioners about donating income-producing securities to the City to support college scholarships of residents of the community going to college. Under the agreement, the city would be required to maintain the principal amount of the gift but could use the resulting earnings. The following events occurred during the year. Please record journal entries for each of these in the Cardinal City Private Purpose Trust Fund. 1. Securities which had an original cost of $4,250,000 were donated to the City on January 1. The fair value of the securities at that date was $5,839,000. 2. During the year the fund received $180,000 in interest payments on bond investments. 3. During the year the fund received $98,000 in dividend payments from investments in equity securities. 4. During the year the fund paid $230,000 in scholarships. 5. The fair value of the securities at the end of the year was $6,100,000