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:

Trial Balance-December 31, 2017 Debits Credits
Cash $ 8,500
Investments 518,000
Additions to permanent endowments $ 510,000
Investment income 48,000
Expenditures-subscriptions 39,500
Intergovernmental grant 8,000
Net increase in fair value of investments 2,000
Accrued interest receivable 2,000
Accounts payable $ 568,000 $ 568,000

Prepare any closing entries necessary at year-end

income statement for the year ended

investment income                                 $48,000

Intergoverment grant                                 8,000

Net increase in fair value of investemnt   2,000

Total Income                                              58,000

Expenditure - Subscription                       (39,500)

Net income                                                  18,500

Balance sheet as at the year end

Asset

cash                                                       $8,500

Investment                                            518,000

Accrued interest receivable                   2,000

                                                               528,500

Additional to permanent endowments   510,000

Net Income                                                 18,500

                                                                    528,500

Explanation:

c.

clarify customers’ doubts only when asked.

answer; /// multipotentialite means a person who have many different interests and creative pursuits in life; (one true calling);

polymath; means a person   of wide-ranging knowledge or learning;

scanner; means; a device that captures images from photographic prints,posters,magazine pages.ect;