Presented below is the preclosing trial balance for the Scholarship Fund, a private$-$purpose trust fund of the Algonquin School District.

Trial Balance$$December $31,2024$ Debits Credits

Accounts Payable $$2,900$

Accrued Interest Receivable $$1,170$

Administrative Expense $6,930$

Cash $59,900$

Increase in Fair Value of Investments $5,100$

Distributions$$Scholarships $70,000$

Interest Income $82,000$

Investment in Bonds $1,384,000$

Net Position$$Restricted for Scholarships $1,432,000$

$$1,522,000$ $$1,522,000$

Required:

Prepare the year$-$end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December $31,2024.$