Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund, of the Algonquin School District.

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

Trial Balance-December 31, 2012 Accounts Payable Accrued Interest Receivable Administrative Expense Cash Decrease in Fair Value of Investments Distributions-Scholarships Interest Income Investment in Bonds Net Assets Held in Trust Debits Credits $ 8,000 2,000 6,000 42,000 10,000 35,000 53,600 240,000 1,273,400 $1,335,000 $1,335,000