Exercise 7-7 On July 1, 2016, the Morgan County School District received a $55,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $4,000 plus any interest earnings on the unspent principal be awarded as a college scholarship to the high school graduate with the highest academic average. A private-purpose trust fund, the Civic Scholarship Fund, was created. 1. On July 1, 2016, the gift was received and immediately invested. 2. On June 30, 2017. $4,000 of the principal was converted into cash. In addition, $3,000 of interest was received. 3. On June 30, the $7,000 was awarded to a student who had maintained a 4.0 grade point average throughout each of her four years. 4. The nominal accounts were closed. Required: a. Record the above transactions on the books of the Civic Scholarship Fund. Complete this question by entering your answers in the tabs below. Required A Required B Record the above transactions on the books of the Civic Scholarship Fund. (If no entry is required for a transaction/event, select "No Joumal Entry Required in the first account field.) View transaction list Journal entry worksheet