Baird County maintains an investment trust fund for the School District and the Town of Bairdville...

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Baird County maintains an investment trust fund for the School District and the Town of Bairdville...

Baird County maintains an investment trust fund for the School District and the Town of Bairdville (separate governments). Presented below is the preclosing trial balance for the investment trust fund, a private-purpose trust fund.

Trial Balance-December 31, 2017	Debits	Credits
Accrued Interest Receivable	$20,000
Cash	33,300
Deposits-School District		$399,600
Deposits-Town of Bairdville		$292,200
Decrease in Fair Value of Investments (bonds)	13,300
Interest Income		79,800
Investments-Corporate Bonds	1,370,000
Investments-U.S. Treasury Securities	1,330,000
Net position held in trust-School District (Jan. 1)		1,330,000
Net Position held in trust-Town of Bairdville (Jan. 1)		665,000
	$2,766,600	$2,766,600

Investment earnings are distributed among the School District and Town in proportion to the amounts contributed (two-thirds to the School District and one-third to the Town).

Required:

Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2017.

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Baird County maintains an investment trust fund for the School District and the Town of Bairdville...

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