Henry O'Donnell created an inter vivos trust fund. He owns a large department store in Higgins, Utah. He also owns a tract of land adjacent to the store used as an extra parking lot when the store is having a sale and during the Christmas season. O'Donnell expects the land to appreciate in value and eventually be sold for an office complex or additional stores. O'Donnell places this land into a charitable lead trust, which will hold the land for 10 years until O'Donnell's son is 21. At that time, title will transfer to the son. The store will pay rent to use the land during the interim. The income generated each year from this usage will be given to a local church. The land is currently valued at $320,000. During the first year of this arrangement, the trustee records the following cash transactions: Cash inflows: Rental income ... $60,000 Cash outflows: Insurance ....... .$ 4,000 Property taxes.... .....6,000 Paving (considered an extraordinary repair)......... 4,000 Maintenance... ..... 8,000 Distribution to income beneficiary.. ...30,000 Prepare all journal entries for this trust fund including the entry to create the trust