Chapter 7 - Fiduciary Funds 7-C. Part 1. Private Purpose Trust Fund Transactions The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2017: Debits Credits Cash.... S 50,500 Accrued Interest Receivable ....... 7,500 Investments in Corporate Bonds .......... 750,000 Net position Held in Trust ..... S 808,000 Totals ........... S 808,000 S 808,000 Required: a. Open a general journal for the City of Monroe Community Foundation Trust Fund and record the following transactions for the year ending December 31, 2017: (1) On May 1, the first semiannual interest payment was received on the corporate bonds. The bonds pay 6 percent annual interest, semiannually on May 1 and November 1. (2) During the first half of the year, additional contributions from individuals and foundations amounted to $205,500. in cash. From these funds, 5 200,000 were invested in RST Corporation stock on June 15. 3) On November 1, the second semiannual interest payment was received from the investment in bonds. (4) On November 15, a dividend was declared by RST Corporation in the amount of $2,000 and was received in cash. (5) On December 1, RST Corporation stock was sold for $204,000 cash. Those funds were immediately invested in UVW Corporation stock. (6) On December 15, cash scholarships in the amount of $48.000 were made to various college students. (7) On December 31, an accrual was made for year-end interest on the corporate bonds. (8) Also, on December 31, it was determined that the market value of the corporate bonds, exclusive of accrued interest, was $ 752,100 and that the market value of UVW Company stock was $ 199,000. b. Post the entries to the Community Foundation Trust ledger (t-accounts). c. Prepare and post an entry closing all nominal accounts to Net position. 7-C. Part 2. Pension Trust Fund Transactions The City of Monroe Police Department pension plan, a single-employer, defined-benefit plan, reported the following account balances as of January 1, 2017