James Albemarle created a trust fund at the beginning of $2022.$ The income from this fund will go to his son, Edward. When Edward reaches the age of $25,$ the principal of the fund will be conveyed to United Charities of Cleveland. Mr$.$ Albemarle specified that $75$ percent of trustee fees are to be paid from principal. Terry Jones, CPA, is the trustee.

James Albemarle transferred cash of $$340,000,$ stocks worth $$240,000,$ and rental property valued at $$170,000$ to the trustee of this fund.

Immediately invested cash of $$280,000$ in bonds issued by the U$.$S$.$ government. Commissions of $$5,000$ are paid on this transaction.

Incurred permanent repairs of $$7,400$ so that the property can be rented. Payment is made immediately.

Received dividends of $$4,800.$ Of this amount, $$1,400$ had been declared prior to the creation of the trust fund.

Paid insurance expense of $$2,400$ on the rental property.

Received rental income of $$8,400.$

Paid $$4,800$ from the trust for trustee services rendered.

Conveyed cash of $$5,400$ to Edward Albemarle.

Required:

Prepare all necessary journal entries for the trust to record the above transactions.