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Washington County assumed the responsibility of collecting property taxes for all governments within its boundaries. In order to reimburse the county for expenditures for administering the Tax Agency Fund, the Tax Agency Fund is to deduct 1.5 percent from the collections from the city and school district. The total amount deducted is to be added to the collections for the county and remitted to the County General Fund. You are to record the following transactions in the accounts of the Washington County Tax Agency Fund. 1. Current year tax levies to be collected by the Tax Agency Fund were County General Fund Town of Samuels Washington County School District $9,800,000 6,200,000 9,600,000 2. In the first half of the year $4,120,000 was collected for the County General Fund, $3,456,000 for the Town and $4,608,000 for the School District. 3. Liabilities to all three units were recorded. Calculate amounts due by setting up a calculation schedule similar to the one you see at the top of page 187 of your textbook and then prepare the entry. On July 1, 2016, the City of Corfu received a gift of debt securities of XYZ Company with a nominal (par) value of S1,600,000. Income is to be used to make awards for civic achievements. As of the date of the gift, the securities had a market value of $1,668,000. Included in this amount is accrued interest of $18,000. The bonds carried an annual interest rate of 5%, payable semiannually on April 1 ($40,000) and October 1 ($40,000). During the fiscal year ended June 30, 2017, the following transactions took place: 1. The gift was received and recorded at $1,650,000; accrued interest of 18,000 was recorded as part of the gift for a total addition of $1,668,000. 2. On October 1, $40,000 in interest was received. 3. On April 1, $40,000 in interest was received. 4. On April 1, immediately after the receipt of interest, the XYZ bonds were sold for $1,662,000. The proceeds were invested in ABC bonds, which pay interest semiannually on April 1 and October 1. The bonds were purchased at par value. 5. On June 30, 2017, accrued interest of S 20,775 on the ABC bonds was recognized. 6. On June 30, 2017, awards were made in the amount of $75,000. 7. As of June 30, 2017, the fair value of the ABC bonds was $1,664,000, exclusive of accrued interest. Required: A. Record the above transactions on the books of the City of Corfu Private-Purpose Trust Fund

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