Baird County maintains an investment trust fund for the School District and the Town of… 1 answer below »

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.

Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Assets for the year ended December 31, 2012. 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).

 

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