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Pinnacle County operates an Investment Trust Fund for cities located in the county. The following entries are associated with the fund during 2012. Prepare(a) Journal entries to record these transactions,(b) A statement of changes in fiduciary net position for the fund for the year ending December 31, 2012 (assume that the Investment Trust Fund began this year) and(c) A statement of fiduciary net position for the fund as of that date.1. The cities of Clarksville and Kingsville contributed assets of $ 75,000 and $ 50,000, respectively.2. The entire amount received in the previous transaction was invested: $ 65,000 in CDs and $ 60,000 in Treasury notes.3. Interest income of $ 37,500 was received.4. CDs totaling $ 40,000 and Treasury notes totaling $ 30,000 matured. Interest income of $ 1,000 was also received.5. The money received in the previous transaction was reinvested in CDs.6. Additional interest income was received: $ 17,500.7. The General Fund charged the Investment Trust Fund $ 500 for administrative expenses. This amount was paid in cash.8. Income of $ 50,000 was distributed to the participating cities according to the trust agreement
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