Question
Record Entries and Prepare Statements for a Private Purpose Trust Fund. Tiger County School District accepts donations that are used to provide awards to graduating
Record Entries and Prepare Statements for a Private Purpose Trust Fund.
Tiger County School District accepts donations that are used to provide awards to graduating seniors. Record the following transactions in the Tiger County School District Private Purpose Trust Fund - Awards Fund.statement of changes in fiduciary net position for the Fund for the year ended December 31, 20XX.This is the first year of operation for the Tiger County Private Purpose Trust Fund - Awards Fund.
a.Jane Bandera, noted philanthropist, donates marketable securities worth $600,000 to the District, stipulating that all earnings on the securities be used for awards to graduates.
b.The District receives dividends on the securities in the amount of $15,000.
c.The District makes various awards to graduating seniors in the amount of $20,000.
d.When the District prepares financial statements at the end of the year, the marketable securities have a fair value of $590,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started