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28 Sep 2019
On April 1, 2014, the Duval County School district received a$50,000 gift from a local civic organization with the stipulationthat, on March 31 of each year, any interest earnings on theunspent principal be awarded as a scholarship to the 7th gradestudent with the highest academic average in mathematics over a 2year period. A private-purpose trust fund, the MathematicsScholarship Fund, was created. Record the following transactions onthe books of the Mathematics scholarship Fund: On April 1, 2014,the gift was received and $30,000 in XYZ Bonds were purchased atpar plus accrued interest. The bonds pay 6% interest semiannuallyon Jan. 1 and July 1.
On April 1, 2014, the Duval County School district received a$50,000 gift from a local civic organization with the stipulationthat, on March 31 of each year, any interest earnings on theunspent principal be awarded as a scholarship to the 7th gradestudent with the highest academic average in mathematics over a 2year period. A private-purpose trust fund, the MathematicsScholarship Fund, was created. Record the following transactions onthe books of the Mathematics scholarship Fund: On April 1, 2014,the gift was received and $30,000 in XYZ Bonds were purchased atpar plus accrued interest. The bonds pay 6% interest semiannuallyon Jan. 1 and July 1.
Tod ThielLv2
28 Sep 2019