The city of Mothell has a Private Purpose Trust Fund that it is used to account for resources donated to provide the payment of tuition and fees necessary for the college education of the children of police or fire personnel who are disabled or killed. The fund is used to collect and invest deposits made by contributors for the purpose of financing tuition on behalf of particular children in the future. The following transactions occurred in the College Education Private Purpose Trust Fund.
Required:
Prepare :
1. A statement of changes in fiduciary net position.
2. A statement of fiduciary net position for the Fund for the year ended December 31, 2020. This is the first year of operation for the College Education Private Purpose Trust Fund.
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The city of Mothell has a Private Purpose Trust Fund that it is used to account for resources donate...
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