A trust indenture states that the principal (corpus) of the trust is to be maintained intact in perpetuity. Yet, although the governmental trustee did not violate the terms of the trust agreement—and it was not subsequently revised—the principal (corpus) had decreased to less than half its original amount 5 years after the trust was created. Why or how could this have happened?
Answer to relevant QuestionsExplain how the annual pension cost is used in determining employer government pension-related expenses, expenditures, and liabilities.Prepare the journal entries to record the following transactions.1. A cash donation of $80,000 was received by James County. The donor stipulated that the resources were to be used solely for Carolyn City 4-H purposes.2. ...The following is the December 31, 20X8, trial balance of the McCarthy County Public Employees Retirement Fund, a multiple-employer pension plan in which the cities of Mooresville and Sutherland’s Gap participate, as well ...What is meant by “major fund reporting”? How does it differ from reporting by fund type? For what fund types is major fund reporting required? For what fund types is fund type reporting required?Clemens County had the following revenue sources in 20X5:General property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . .$8,000,000Restricted (for education) property taxes . . . . . ...
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