Private-Purpose Trust Funds

The following is a trial balance of the Camping Builds Character Trust Fund of the City of Slusher's Ridge as of January 1, 20X6:

Cash $ 98,000

Land70,000

Buildings 162,000

Accumulated Depreciation$ 65,000

Accrued Wages Payable150

Accrued Taxes Payable1,800

Net PositionRestricted for Camp ScholarshipsExpendable15,000

Net PositionRestricted for EndowmentNonexpendable248,050 $330,000 $330,000

The endowment was in the form of an apartment building. The endowment principal is to be kept intact, and the net earnings are to be used in financing scholarships to not-for-profit organization camps designed to help instill positive character qualities in participants

The following transactions took place during the year:

1. Expenses and accrued liabilities paid in cash were as follows:

Heat, light, and power $ 5,200

Janitor's wages (including $150 previously accrued) 3,000

Painting and decorating 3,750

Repairs 1,500

Taxes (including $1,800 previously accrued) 3,750

Management fees 4,500

Miscellaneous expenses 1,500

$23,200

2. A land improvement of $2,000 was constructed by an outside contractor who was paid in full.

3. Apartment rents for 20X6 (all collected) amounted to $45,000.

4. Camping scholarships of $13,500 were paid to finance 20X6 summer camp fees.

5. The following adjustments were made at the close of the year:

Depreciation $ 6,000

Accrued Taxes 1,900

Accrued Wages 170

Required

1. Develop general journal entries to record these transactions in the Trust Fund.
2. Develop a Statement of Net Position as of December 31, 20X6, and a Statement of Changes in Net Position for the fiscal year ending December 31, 20X6.