Fiduciary Financial Statements Ray County administers a tax agency fund, an investment trust fund, and a private-purpose trust fund. The tax agency fund acts as an agent for the county, a city within the county, and the school district within the county. Participants in the investment trust fund are the Ray County General Fund, the city, and the school district. The private-purpose trust is maintained for the benefit of a private organization located within the county. Ray County has prepared the following statement of fiduciary net assets.

Required
The statement as presented is not in accordance with GASB standards. Using Illustration A1€”10 as an example, identify the errors (problems) in the statement and explain how the errors should becorrected.

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RAY COUNTY Statement of Fiduciary Net Assets Fiduciary Funds June 30, 2011 (in thousands) Trust Agency Funds Funds Total Assets $ 104,747 $ 105,535 Cash and cash equivalents 788 Receivables 12,166 87,858 100,024 Investments: Short-term investments 241,645 241,645 Bonds, notes, and stock 992,226 992,226 Total assets 1,350,784 88,646 1,439,430 Liabilities Accounts payable 61,447 61,447 Net Assets Held in trust for: 193,400 193,400 Organizations County 219,187 10,638 229,825 City of Leetown 383,578 23,048 406,626 Leetown School District 548,132 493,172 54,960 Total net assets $1,289,337 $1,377,983 $88,646