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

Trial BalanceDecember 31, 2020	Debits			Credits
Accounts Payable				$	4,000
Accrued Interest Receivable	$	2,030
Administrative Expense		8,580
Cash		69,890
Increase in Fair Value of Investments					6,500
DistributionsScholarships		87,000
Interest Income					102,000
Investment in Bonds		1,611,000
Net Position: Restricted for Scholarships					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.