trust fund worksheet

Prepare all required journal entries on the trust fund table for this trust fund including the entry to create the trust

Background An inter vwoos trust was created by isaac Posney, Isasc owned a large department store in Juggins, Utah, Adjocent to the store, isasec also owned a tract of land that was used es an extra parking lot when the and eventually be sold for an office complex or addilitonal stores, isasc placed the land into a chartitable leed trust, which would hold the land for ten years until isance's son would turn 21. At that tima, titlo would be transferred to the son. The store will pay rent to use the land during the interim. The income generated each year from this usage will be given to a local church. The land was currently valued at $416,000. During the first year of this arrangement, the trustee recorded the following cash transactions: Cash Inflow: Rental income $78,000 Cash outflows: InsurancePropertytaxesPaving(consideredanextraordlinaryrepair)MaintenanceDistributiontoincomebeneficlary$5,2007,8005,60010,40039,000 Lond Trut-Brincipal Cubliblacones Trut-lacone Incurnce Expene- lacones Call-loosene Rropaty Tares Eppene-lacons Cath-Inowe Lendingroreneets Cab-Inowne Doe from That-Riacipal Devto Trut-Rocons: Mintensace Eipense - Procme Cuh-Income Bquily in Inconce Benoficiory Cuch-locome Background An inter vwoos trust was created by isaac Posney, Isasc owned a large department store in Juggins, Utah, Adjocent to the store, isasec also owned a tract of land that was used es an extra parking lot when the and eventually be sold for an office complex or addilitonal stores, isasc placed the land into a chartitable leed trust, which would hold the land for ten years until isance's son would turn 21. At that tima, titlo would be transferred to the son. The store will pay rent to use the land during the interim. The income generated each year from this usage will be given to a local church. The land was currently valued at $416,000. During the first year of this arrangement, the trustee recorded the following cash transactions: Cash Inflow: Rental income $78,000 Cash outflows: InsurancePropertytaxesPaving(consideredanextraordlinaryrepair)MaintenanceDistributiontoincomebeneficlary$5,2007,8005,60010,40039,000 Lond Trut-Brincipal Cubliblacones Trut-lacone Incurnce Expene- lacones Call-loosene Rropaty Tares Eppene-lacons Cath-Inowe Lendingroreneets Cab-Inowne Doe from That-Riacipal Devto Trut-Rocons: Mintensace Eipense - Procme Cuh-Income Bquily in Inconce Benoficiory Cuch-locome