James Albemarle created a trust fund at the beginning of 2016. 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.

Prepare all necessary journal entries for the trust to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)