Question 8 of 10 -15 The following transactions of Beltville College transpired during 2025. The funds necessary are the Endowment Fund, the Annuity Fund, the Plant FundUnexpended, the Plant FundInvestment in Plant, the Loan Fund, the Unrestricted Current Fund, and the Restricted Current Fund January 1 1 A gift of $10,200 was received from Carl Brawn. The principal was to be held intact and the income to be used for any purpose designated by the governing board. 2. David Gross donated $20,400. The principal was to be held intact and the income to be used for scholarships for worthy students. 3 Roxanine Norton donated $30,600, of which the principal was to remain intact while the interest was to be used for student loans. All income is to be relent: all losses from loans are to be charged against income. 4. Agift of $207.000 was received from Brian Carr. Semizannual payments of $10,000 are to be made to the doner during his lifetime. On his death the fund is to be used to purchase or canstruct students' residence. Mr. Carr has a life expectancy of five years and investments are expected to earn 8% annually. 5 Kathy Jackson donated 1,000 shares of BIM stock, which had a market value of $150 per share on that date. All income received from the shares is to be held intact and the shares cannot be held for more than five years. Once the board sells the shares, all the proceeds are to be used to build a student hospital. & The assets of the Brown and Gross funds were consolidated into a pooled investment account by the governing board (in proportion to the principal accounts). Electric Power Bonds worth $30.600 were purchased. The 12% interest was payable on January 1 and July 1 7 The Norton Fund cash is used to purchase Cravit Company 10% bonds at par for $30,600. January 1and July 1 are the interest dates. 3. With the cash from the Carr Fund, $200,000 of 8% U.5. Treasury notes was purchased at par. The interest dates are January 1 and July 1. July1 9. The interest was received on all bends and notes and was transferred ta the proper funds. Dividends of 5,000 were received fram BIM stack. 10, Thestipulated payment is made to Mr. Carr from the Endowment Fund 11 Electric Power Company bonds baught at par value for $20,400 are sold at 102. The gain is added to the principal. 12, A$306 studentloanwas made from the Norton Fund October 1 13, Anotice of Brian Carr's death is received. There is no liability to his estate 14, The Gross Scholarship Fund awards a $204 scholarsh 15, $200.000 par of U.S. Treasury notes are sold for $206,000. December 31 16, Intereston bondsis received. \\ A building was purchased for $250,000 using the funds available from the Carr gift. The residence hall will have a 2 $140 of principal and $7 of interest were repaid on the student loan, ear mortgage payable to account for the balance Event Fund Account Titles and Explanation Debit Credit 1. Annuity Fund Endowment Fund - Brown Endowment Fund - Gross 2. Endowment Fund - Jackson Endowment Fund - Norton Investment in Plant Loan Fund Restricted Current Fund Restricted Current Fund - Gross 3. Unexpended Plant Fund Unrestricted Current Fund 5. 6. vI . ] . ] | . . - ] | . . - ] Annuity Payable Building Cash Due from Annuity Fund Due from Endowment Fund - Brown Due from Endowment Fund - Gross Due from Endowment Fund - Norton Due to Loan Fund Due to Restricted Current Fund Due to Unexpended Plant Fund Due to Unrestricted Current Fund Endowment Income Expenses - Scholarship Fund Balance Fund Balance - Restricted Interest Income Investment Income Investments Loan Receivable 10. 11. v 12. 13. v 14. v15, (To record sale of notes) v v (To transfer investment income to fund) 16. v v (To record interest received) (To record transfer of funds) v (To record income)17. 18, (To record receipt of resources to be used) (To record acquisition of building) (To transfer assets and related liabilities to Investment in Plant Fund)