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

Note: If no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

A

Record the year$-$end closing entry for the fund.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$ General

Statement of

Journal

Changes

Prepare the Statement of Changes in Fiduciary Net Position for the year ended December $31,2024.$

$\backslash$table$[[$ALGONQUIN SCHOOL DISTRICT,$],[$Statement of Changes in Fiduciary Net Position,,$],[$Additions:$,,],[$Interest Income,,$],[$Increase in Fair Value of Investments,,$],[$Total Additions,,$],[$Deductions:$,,],[$Administrative Expense,,$],[$Scholarship Awards,,$],[$Total Deductions,,$],[$Change in Fiduciary Net Position,,$],[$Fiduciary Net position$$Beginning of Year,,$],[$Fiduciary Net position$$Ending of Year,$0,]]$

Required:

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