Also, prepare a statement of changes in fiduciary net position for the fiscal year ending December 31, 2022, and a statement of fiduciary net position as of December 31, 2022.

P8-54. (Journal entries and financial statements for a Private-Purpose Trust Fund) The City of Tuffy is the trustee and custodian for cash collected from fees charged by a local nonprofit cemetery association. The fees are paid by individuals and are dedicated for cemetery plot mainte- nance for these individuals based on benefit terms enumerated in the trust. The activity is administered through the Cemetery Care Private-Purpose Trust, which has its own board of directors. Prepare the journal entries necessary to record the transactions listed below (1-7) on the books of the Cemetery Care Private-Purpose Trust Fund. Also, prepare a statement of changes in fiduciary net position for the fiscal year ending December 31, 2022, and a statement of fiduciary ne position as of December 31, 2022. (Assume that this is the first year of operations for this activity.) 1. Fees of $14,000 are collected. 2. Some of the cash collected ($10,000) is invested in a certificate of deposit (CD). 3. A lawn care company is paid $1,500 for cemetery plot maintenance. 4. An accountant is paid $500 for bookkeeping services.. 5. The CD matures with interest earnings of $400. 6. A new CD in the amount of $10,000 is purchased. 7. The lawn care company is owed an additional $500 for cemetery plot maintenance performed in 2022