Baird County maintains an investment trust fund for the SchoolDistrict and the Town of Bairdville (separate governments).Presented below is the preclosing trial balance for the investmenttrust fund, a private-purpose trust fund.
| Trial Balance—December 31, 2017 | Debits | Credits |
| Accrued Interest Receivable | $ | 23,000 | | | | |
| Cash | | 38,300 | | | | |
| Deposits—School District | | | | $ | 459,600 | |
| Deposits—Town of Bairdville | | | | | 336,200 | |
| Decrease in Fair Value of Investments (bonds) | | 15,300 | | | | |
| Interest Income | | | | | 91,800 | |
| Investments—Corporate Bonds | | 1,576,000 | | | | |
| Investments—U.S. Treasury Securities | | 1,530,000 | | | | |
| Net Position held in trust—School District (Jan. 1) | | | | | 1,530,000 | |
| Net Position held in trust—Town of Bairdville (Jan. 1) | | | | | 765,000 | |
| $ | 3,182,600 | | $ | 3,182,600 | |
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Investment earnings are distributed among the School District andTown in proportion to the amounts contributed (two-thirds to theSchool District and one-third to the Town).
Required:
Prepare the year-end closing entries and a Statement of Changes inFiduciary Net Position for the year ended December 31,2017.
