Prepare balance sheet of the permanent fund as of december

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Reference no: EM13950644

Endowment trust fund, special revenue fund. On January 1, 20X8, Jack Kinn donated $100,000 to the city of Larkin to be set aside as a trust fund for water quality improvements made by the city. The funds were fully invested in bonds purchased at a premium with a face value of $94,000. During the year, cash received on investments was $7,500. Premiums on the bonds purchased were amortized at $600 per year. A total of $6,000 was transferred to a special revenue fund to carry out the purpose of the trust. Prepare the journal entries to record these transactions in the permanent fund and closing entries. Prepare the balance sheet of the permanent fund as of December 31, 20X8.

Reference no: EM13950644

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