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Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District. Trial Balance-December 31, 2020 Accounts Payable Accrued Interest Receivable Administrative Expense Cash Increase in Fair Value of Investments Distributions-Scholarships Interest Income Investment in Bonds Net Position: Restricted for Scholarships Debits Credits $ 4,000 $ 2,030 8,580 69,899 6,500 87,000 102,000 1,611,000 1,666,000 $1,778,500 $1,778,500 Required: Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. General Statement of Journal Changes Prepare the year-end closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet ......: No Debit Credit Event 1 1 102,000 6,500 General Journal AdditionsInvestment EarningsInterest AdditionsInvestment EarningsNet Increase in Fair Value of Investments Net Position: Restricted for Scholarships DeductionsAdministrative Expenses Deductions-Distributions of Scholarships 12,920 8,580 87,000 General Journal Statement of Changes Prepare the Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020. ALGONQUIN SCHOOL DISTRICT Statement of Changes in Fiduciary Net Position Scholarship Trust Fund For the Year Ended December 31, 2020 Additions: Investment Earnings: Interest Income $ 102,000 Net Increase in Fair Value of Investments 6,500 108,500 Total Additions Deductions: Administrative Expense Distribution of Scholarships Nonprofit Organizations 8,580 87,000 Total Deductions Change in Fiduciary Net Position Fiduciary Net positionBeginning 95,580 12,920 1,666,000 $ 1,678,920