Question: On July 1 , 2 0 2 3 , the Morgan County School District received a $ 6 4 , 0 0 0 gift from

On July 1,2023, the Morgan County School District received a $64,000 gift from a local civic organization with the stipulation that, on
June 30 of each year, $4,900 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.
On July 1,2023, the gift was received and immediately invested in U.S. securities.
On June 30,2024,$4,900 of the principal was converted into cash. In addition, $3,900 of interest was received.
On June 30,$8,800 was awarded to a student who had maintained a 4.0-grade point average throughout each of her four years.
The nominal accounts were closed.
On July 1,2023, the Morgan County School District received a $64,000

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