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On January 1, 2011, J. G. Mone

On January 1, 2011, J. G. Monee created a student aid trust fund to which he donated a building valued at $400,000 (his cost was $250,000), bonds having a market value of $500,000, and $100,000 cash. The trust agreement stipulated that principal was to be maintained intact and earnings were to be used to support needy students. Consider gains on investments and depreciation as adjustments of earnings rather than of trust fund principal.

Activities for 2011

1. During the year, net rentals of $40,000 were collected for building rental.

2. The bonds were sold for $550,000 on June 30, 2011. Of the proceeds, $30,000 represented interest accrued from January 1 to June 30.

3. were purchased for $600,000 cash.

4. Depreciation on the building was calculated at $20,000 for the year.

5. Dividends receivable of $60,000 were recorded at December 31, 2011.

REQUIRED

Prepare a statement of fiduciary net assets and a statement of changes in fiduciary net assets for this private-purpose trust fund at December 31, 2011.

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