roup raised funds to establish an endowment for the Eastville A citizen g City Librar maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: y. Under the terms of the trust agreement, the principal must be Trial Balance-December 31, 2017 Cash Investments Additions to permanent endowments Investment income Expenditures-subscriptions Net increase in fair value of investments Accrued interest receivable Accounts payable Debits 8.500 Credits 518,000 $510,000 48,000 8,000 2,000 39,500 2,000 $568,000 $568,000 a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund. c. Prepare a balance sheet for the Library Permanent Fund (Use Assigned to Library for any spendable fund balance)