On July 1, 2016, the Morgan County School District received a $50,000 gift from a...
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On July 1, 2016, the Morgan County School District received a $50,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $3,500 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. 1. On July 1, 2016, the gift was received and immediately invested. 2. On June 30, 2017, $3,500 of the principal was converted into cash. In addition, $2,500 of interest was received. 3. On June 30, the $6,000 was awarded to a student who had maintained a 4.0 grade point average throughout each of her four years 4. The nominal accounts were closed. Requirecd a. Record the above transactions on the books of the Civic Scholarship Fund. b. Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholarship Fund for the year ended June 30, 2017
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