Exercise 7-7 (Static) On July 1, 2023, the Morgan County School District recejved a $40,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $3,000 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, 2023, the gift was received and immediately invested in U.S. securities. 2. On June 30, 2024, $3,000 of the principal was converted into cash. In addition, $1,000 of interest was received. 3. On June 30, $4,000 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. b. Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholarship Fund for the year ended June 30, 2024. 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. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field