Please bold answer in explanation

A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A preclosing trial balance of the library permanent fund follows: Credits $ Debits 15,000 544,000 Trial Balance-December 31, 2020 Cash Investments Additions to permanent endowments Investment income Expenditures-subscriptions Net increase in fair value of investments Accrued interest receivable Accounts payable $ 529,500 67,500 52,500 14,500 5,250 5,250 $ 616,750 $ 616,750 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund. c. Prepare a balance sheet for the Library Permanent Fund (Use Restricted to Subscriptions for any spendable fund balance)