On July 1 2011 The Morgan County School District Received

On July 1, 2011, the Morgan County School District received a $30,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $2,000 plus any interest earnings on the unspent principal be awarded as a college scholarship to the high school graduate with the highest academic average. A private-purpose trust fund, the Civic Scholarship Fund, was created.
a. Record the following transactions on the books of the Civic Scholarship Fund:
(1) On July 1, 2011, the gift was received and immediately invested.
(2) On June 30, 2012, $3,000 of the principal was converted into cash. In addition, $1,800 of interest was received.
(3) On June 30, the $4,800 was awarded to Ann Korner, who had maintained a 4.0 grade point average throughout each of her four years.
(4) The nominal accounts were closed.
b. Prepare a Statement of Changes in Fiduciary Net Assets for the Civic Scholarship Fund for the Year Ended June 30, 2012.

Place this order or similar order and get an amazing discount. USE Discount code “GET20” for 20% discount