$7-$C$.$ Part I. Private Purpose Trust Fund TransactionsThe City of Monroe Seholarship Foundation private purpose trst fund had the followingaccount balances on January$1,2024$:CashAcerued Interest ReceivableInvestments in Corporate BondsNet position Held in TrustTotalssChapter $7$ Fiduciary FundsRequireda Open a general joumal for the City of Monroe Community Foundation Trust Fund andrecord the following transactions for the year ending December $31,2024$ictions: OnDebitsS $52,5005,500750,000)$ On May $1,$ the first semiannual interest payment $($$$22,500)$ was recerved on thecorporate bonds. The bonds pay $6$ percent annual interest, semiannually on May$1$ and November $1.$axy S$22$Credits$ $808,000$S $808,000$ $ $808,000(2)$ During the first half of the year, additional contributions from individuals andfoundations amounted to $$211,000,$ in cash. From these funds, $ $200,000$ wereinvested in RST Corporation stock on June $15.(3)$ On November $1,$ the second semiannual interest payment $($$$22,500)$ wasreceived from the investrment in bonds$(4)$ On November $15,$ a dividend was declared by RST Corporation in the amount of$$2,000$ and was received in cash.various college students.$(5)$ On December $1,$ RST Corporation stock was sold for $$204,000$ cash Thosefunds were immediately invested in UVWCorporation stock$(6)$ On December $15,$ cash scholarships in the amount of $$51,000$ were made to$7-$C$.$ Part $2.$ Pension Trust Fund Transactions$(7)$ On December $31,$ an accrual was made for year$-$end interest on the corporatebonds.b$.$ Post the entries to the Community Foundation Trust ledger $($t$-$accounts$).(8)$ Also, on December $31,$ it was determined that the market value of the corporatebonds, exclusive of accrued interest, was S $752,100$ and that the market valueof UVW Company stock was $ $199,000.$c$.$ Prepare and post an entry closing all nominal accounts to Net position.Accessibility: Good to goThe City of Monroe Police Department pension plan, a single$-$employer, defined$-$benefitplan, reported the following account balances as of January $1,2024$:Q SearchStylesCashAccrued Interest ReceivableInvestments: BondsInvestments: Common StockAccounts PayableNet position Held in Thist for Employee BenefitsTotalsRequtredDebits Credits$$152,00075,0005,300,0002,790,000$Editing$$42,0008,275,000$$$3317,000$$$8317,000$a Open a general joumal for the City of Monroe Police Department Pension Trust Fund andrecord the following transactions for the year ending December $31,2024(1)$ Member contributions were received in the amount of $$403,000.$ The CityGeneral Fund contributed the sane amount.$(2)$ Interest was received in the amount of $$212,000,$ including the accrued interestTeceivable at the beginning of the year. The interest accrual at year endanounted to $$81,000.(3)$ During the year, dividends received on common stock amounted to S$125,000.(4)$ Investments were made during the year in common stock in the amount ofS$650,000.(5)$ Annuity benefits in the amount of $$325,400,$ disability benefits of S $79,900$ andrefunds to nonvested terminated employees of S$40,600$ were recorded asliabilities.$(6)$ Accounts payable, in the amount of S$460,700,$ were paid in cash$()$ During the year, common stock valued at $$505,000$ was sold for $$506,300.$ Aportion of these funds, $$500,000$ were invested in common stock of a differentmpany$2.$ Statement of Fiduciary Net positionVoiceGalaxy S$22(8)$ Atyear$-$end, the market value of investments in bonds increased by $$7,750$; themarket value of investments in stocks decreased by S$1,200.$b$.$ Post the enties to the Police Department Pension Trust ledger $($t$-$accounts$)\mathrm{.}1$ Statement of Changes in Fsduciary Net positionc. Prepare nd post an entry closing all nominal accounts to Net position$7$C$.$ Part $3.$ Fiduciary Fund Financial StalementsRequired: Using the balances fron Parts $1$ and$2$ prepare the tollowingD FocusSens