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 $$520,000,$ stocks worth $$420,000,$ and rental property valued at $$260,000$ to the trustee of this fund.

Immediately invested cash of $$370,000$ in bonds issued by the U$.$S$.$ government. Commissions of $$3,600$ are paid on this transaction.

Incurred permanent repairs of $$9,200$ so that the property can be rented. Payment is made immediately.

Received dividends of $$8,400.$ Of this amount, $$3,200$ had been declared prior to the creation of the trust fund.

Paid insurance expense of $$4,200$ on the rental property.

Received rental income of $$10,200.$

Paid $$8,400$ from the trust for trustee services rendered.

Conveyed cash of $$7,200$ to Edward Albemarle.

Required:

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.