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A citizen group raised funds to establish an endowment for the Eastville City Library. Under...

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Accounting

A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the
principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the
library. A preclosing trial balance of the library permanent fund follows:
Required:
a. Prepare any closing entries necessary at year-end.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund.
c. Prepare a balance sheet for the Library Permanent Fund (Use Restricted to Library for any spendable fund balance).
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