At the start of 2020, a resident of the City of LaVerada donated $2.5 million to the LaVerada School District. The donor specified that the entire $2.5 million be invested, and investment income used to provide tutoringservices for high school students. Investments were made, and 2020 investment income was $100,000. Administrative costs related to investing activities were $2,000. The school district started a tutoring program, and spent $15,000 for supplies, $25,000 for facilities rent, and $35,000 for tutoring. The investments are worth $2,580,000 at the end of 2020.

Required

The drop down options are as follows: Cash-principal, Fund balance-nonspendable, Investments-principal, Cash-income, Investment income, Investments-income, Expenditures, Unrealized gain on investment, Unrealized loss on investment.

Record the events described above in a permanent fund. Include closing entries.

Debit Description Credit 0 C 0 0 To record donation. 0 0 0 0 To record investment of scholarship fund. 0 0 0 0 To record earnings on investments. 0 0 10 0 To record administrative expenses charged to income. 0 0 0 0 To record expenditures for tutoring. 0 0 0 0 To record change in investments value. Investment income 0 0 0 0 0 C Fund balance-restricted 0 0 To close income and expenditures. C C