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 Debits Credits

Accounts payable $ 3,000

Accrued Interest Receivable $ 1,210

Administrative Expense 7,170

Cash 62,920

Increase in Fair value of Investments 5,300

Distributions-Scholarships 73,000

Interest Income 86,000

Investment in Bonds 1,452,000

Net position Restricted for Scholarship 1,502,000

Total $ 1,596,300 $ 1,596,300

Required:

Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for year ended December 31, 2020.