Conrad Thamm, a citizen of Basking Knoll, donated comon stock valued at $22,000 to the city under a trust agreement. Under the terms of the agreements, the principle amount is to be kept intact; use of revenue from the stock is restricted to financing academic college scholorships for needy students.
On December 14, 1981, dividends of $1,100 were received on the stock received donated by Mr. Thamm.
Prepare Journal Entries for the government based on the production of fund-based financial statements. Than prepare JE entries in anticipation of preparing governement-wide financial statements. Before each JE state which fund the JE is recorded in.