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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

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 3,400
Accrued Interest Receivable 1,430
Administrative Expense 7,980
Cash 69,890
Increase in Fair Value of Investments 5,900
DistributionsScholarships 81,000
Interest Income 96,000
Investment in Bonds 1,605,000
Net Position: Restricted for Scholarships 1,660,000
1,765,300 1,765,300

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

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