On July 1,2013,the City of Corfu Received a Gift of Debt

On July 1,2013,the City of Corfu received a gift of debt securities of XYZ Company with a nominal (par)value of $1,600,000.Income is to be used to make awards for civic achievements.As of the date of the gift,the securities had a market value of $1,658,000,including accrued interest of $24,000.The bonds carried an annual interest rate of 6%,payable semiannually on April 1 and October 1.During the fiscal year ended June 30,2014,the following transactions took place:
1.The gift was received.
2.On October 1,$48,000 in interest was received.
3.On April 1,$48,000 in interest was received.
4.On April 1,immediately after the receipt of interest,the XYZ bonds were sold for $1,630,000.The proceeds were invested in ABC bonds,which also carried a 6.4% annual interest rate,payable semiannually on April 1 and October 1.The bonds were purchased at par value.
5.On June 30,2014,accrued interest on the ABC bonds was recognized.
6.On June 30,2014,awards were made in the amount of $60,000.
7.As of June 30,2014,the fair value of the fair value of the ABC bonds was $1,640,000,exclusive of accrued interest.
Required:
A.Record the above transactions on the books of the City of Corfu Private-Purpose Trust Fund.
B.Prepare a Statement of Changes in Fiduciary Net Assets for the City of Corfu Private-Purpose Trust Fund for the year ended June 30,2014.