eststbished frust Fund 1 On duly 1 the oroga inh of chiti mith leceived co Jeruarer Ji and July zat F. Cloting entries were prepidend Deaulred. Throt furet. Fibucinryilet Potipin? Complete this guestion ty entering your animers lin the taht Bation. On July 1,2019, the City of Belvedere accepted a gift of cash in the amount of $3,250,000 from a number of individuals and foundotions and signed an agreernent to establish a private-purpose trust. The $3,250,000 and any additional gifts are to be invested and retained as principol. Income from the trust is to be distributed to community nonprofit groups as directed by a Boord consisting of city officials and other community leaders. The agreement provides that any increases in the market value of the principal investments are to be held in trust if the investrents fall below the gif amounts, then eamings are to be withheld until the principal amount is reestabished. The following events and transactions eccurred during the fiscal year ended June 30, 2020. Pecord them in the Belvedere Community Trust Fund: 1. On July t, the original gift of cash was received. 2 On August 1, 52.195,000 in XYZ Company bonds were purchased at par plus accrued interest (\$36,583), The bonds pay an annual rate of 5 percent interest semiannually on April 1 and October 1 . 3. On August 2, $905,000 in ABC Company common stock was purchased. ABC normally declares and pays dividends semiannually. on January 31 and Juy 31 4. On October 1 , the first semiannual interest payment (\$54,875) was recelved from XYZ Company Note that part of this is for accrued interest due at the time of purchase; the remaining part is an addion that may be used for distribution. 5. On January 31, cash dividend was received from ABC Company in the amount of $25,000. 6. On March 1, the ABC stock was sold for $921,000. On the same day, DEF Company stock was purchased for $969,000 7. On Apeil t, the second semiannual interest payment was recelved from XYZ Company. 8. During the month of June, distributions were appeoved by the Board and paid in cast in the amount of $82,900 9. Administrative expenses were recorded and paid in the amount of $5,900 10. An acerual for interest on the XYZ bonds was made as of June 30,2020 11. As of June 30,2020 , the tair value of the XYZ bonds, exclusive of acerued interest, was determined to be 52198.000 . The far vaive of the DEF sock was determined to be 3963,000 12. Closing erthies were prepared Required: a. The above events and traraoctions occurred during the fiscal year ended June 30,2020 . Recond trem in the Betwedere Community Trust Fund b. Prepare (t) a Statement of Changes in Fiduciary Net Position for the Eelvedere Community Thist Fund and (2) a Saitement of Fiduciary Ner Postion. Complete this question by extering your answers in the tabs below. Thi above events and trasadion octured duting the nscal year ended June 30, 2020. Recond them in the belvedere Commanity thush