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In fiscal year 20X4, a philanthropic citizen made a gift to the City of Champlin. Under the terms of the gift, the city was to purchase securities and use the earnings on these securities to purchase books on history for the local library. Only the earnings on the securities are eligible for expenditure. During fiscal year 20X4, the attached transactions occurred. REQUIRED: Prepare the appropriate general journal entries, in proper form, that would be required for this permanent fund for fiscal year 20X4 based upon the attached information. Omit explanations. Use the letter of the transaction as the transaction date. Prepare a statement ofrevenues, expenditures, and changes in fund balances, in proper form, for this fund for fiscal year 20X4. (2)
CITY OF CHAMPLIN TRANSACTIONS AFFECTING LIBRARY BOOKS PERMANENT FUND FOR FISCAL YEAR 20X4 (a) The city received the gift, a check for S3,000,000. (b) Shortly after receiving the gift, the city purchased government securities for S3,000,000. (c)Investment revenue of $125,000 was received in cash. (d) A transfer of $90,000 cash was made to the Library Fund, a Special Revenue fund. (e) The fund received a bill for its annual audit, amounting to $2,500. The bill is intended to be paid next fiscal year (f Investment revenue of $62,000 was received in cash. (g) A transfer of S50,000 was made to the Library Fund. Of this amount, $30,000 was paid in cash. The remainder will be paid in the next fiscal year. (h) Investment revenue of $22,000 was accrued at the end of the fiscal year (i) By fiscal year end, the investments had increased in value by $40,000 G Made the appropriate closing entries for the fund for the fiscal year.
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