Annabelle Benton, great-granddaughter of the founder of the Town of Benton, made a cash contribution in the amount of $500,000 to be held as an endowment. To account for this endowment, the town has created the Alex Benton Park Endowment Fund. Under terms of the agreement, the town must invest and conserve the principal amount of the contribution in perpetuity. Earnings, measured on the accrual basis, must be used to maintain Alex Benton Park in an attractive manner. Earnings are transferred periodically to the Alex Benton Park Maintenance Fund, a special revenue fund. Information pertaining to transactions of the endowment and special revenue funds for the fiscal year ended June 30^th follows:

1.The contribution of $500,000 was received and recorded on December 31^st.

2. On December 31^st, a $70,000 certificate of deposit and $400,000 in IG stock was purchased. The certificate of deposit pays 4% (annual) interest on March 31, June 30, September 30, and December 31.

3. On January 2^nd, the town council approved a budget for the newly formed Alex Benton Park Maintenance Fund, which included estimated revenues of $13,400 and appropriations of $13,000.

4. On March 31^st, interest on the certificate of deposit was received by the endowment fund and transferred to the Alex Benton Park Maintenance Fund.

5. On April 1^st, dividends of $6,000 was received by the endowment fund and transferred to the Alex Benton Park Maintenance Fund.

6. On June 30^th, interest on the certificate of deposit was received by the endowment fund and transferred to the Alex Benton Park Maintenance Fund.

7. For the year ended June 30^th, maintenance expenditures from the Alex Benton Park Maintenance Fund amounted to $2,700 for materials and contractual services and $10,150 for wages and salaries. All expenditures were paid in cash except for $12,000 of vouchers payable as of June 30^th. Inventories of materials and supplies are deemed immaterial in amount.

Prepare the journal entries for the Alex Benton Endowment Fund and the Alex Benton Park Maintenance Fund at the fund level and at the government-wide level.