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

Trial BalanceDecember 31, 2017	Debits			Credits
Accounts Payable				$	3,300
Accrued Interest Receivable	$	1,330
Administrative Expense		7,880
Cash		69,890
Increase in Fair Value of Investments					5,800
DistributionsScholarships		80,000
Interest Income					95,000
Investment in Bonds		1,604,000
Net PositionRestricted for Scholarships					1,659,000
	$	1,763,100		$	1,763,100

Required: Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2017.

1. Record the year end closing entry for the fund.

2.Statement of Changes in Fiduciary Net Position for the year ended December 31, 2017.