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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 Balance-December 31, 2020 Accounts

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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 Balance-December 31, 2020 Accounts Payable Accrued Interest Receivable Administrative Expense Cash Increase in Fair Value of Investments Distributions-Scholarships Interest Income Investment in Bonds Net Position: Restricted for Scholarships Debits Credits $ 3,500 $ 1,530 8,080 69,890 6,000 82,000 97,000 1,606,000 1,661,000 $1,767,500 $1,767,500 Required: Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020. Journal entry worksheet

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