Journal entries and financial statements for an Investment Trust Fund Pinnacle County operates an Investment Trust Fund for cities located in the county. The following entries are associated with the fund during 2019. Prepare (al journal entries to record these transactions. (b) a statement of changes in fiduciary net position for the fund for the year ending December 31, 2019 (assume that the investment Trust Fund began this year), and (c) a statement of fiduciary net position for the fund as of that date. 1. The cities of Clarksvile and Kingsville contributed assets of $75,000 and 550,000, respectively 2. The entire amount received in the previous transaction was invested: 565.000 in CDs and 560.000 in Treasury notes 3. Interest income of 537,500 was received 4. Certificates of deposit (CDstotaling $40,000 and Treasury notes totaling $30,000 matured. Interest income of 51.000 was also received. 5. The money received in the previous transaction was reinvested in CDs 6. Additional interest income was received: $17.500 7. The General Fund charged the investment Trust Fund 5500 for investment expenses. This amount was paid in cash 8. Total income of $50,000 was distributed to the participating cities according to the trust agreement, (a) Ref Description Debit Credit 1 . . Additions-contributions from Kingsville 2 Investments-Treasury notes 3 . > 4 . Investments-certificates of deposit Investments-Treasury notes 5 e 6 7 3 . . 4 . Investments--certificates of deposit Investments-Treasury notes ( 5 e 6 e 7 8 (b) Do not use negative signs with any of your answers below. Pinnacle County Investment Trust Fund Statement of Changes in Fiduciary Net Position For the Year Ending December 31, 2019 Additions Contributions from participating governments $ Investment earnings: Interest Less investment expenses Net investment income Total additions Deductions Distributions to participating governments Change in net position Net position-beginning of year Net position-end of year $ (c) Pinnacle County Investment Trust Fund Statement of Fiduciary Net Position December 31, 2019 Assets: $ Cash Investments-certificates of deposit Investments--Treasury notes Total assets Net position Restricted for pool participants $ $ $