James Albemarle created a trust fund at the beginning of 2016. The income from ts fund will go to s son

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Of ts amount, $1,000 had been declared prior to the creation of the trust fund. Paid insurance expense of $2,000 on the rental property. Received rental income of $8,000. Paid $4,000 from the trust for trustee services rendered. Conveyed cash of $5,000 to Edward Albemarle.

James Albemarle created a trust fund at the beginning of 2016. The income from ts fund will go to s son Edward. When Edward reaches the age of 25, the principal of the fund will be conveyed to United Charities of Cleveland. Mr. Albemarle specified that 75 percent of trustee fees are to be paid from principal. Terry Jones, CPA, is the trustee. Prepare all necessary journal entries for the trust to record the following transactions: James Albemarle transferred cash of $300,000, stocks worth $200,000, and rental property valued at $150,000 to the trustee of ts fund. Immediately invested cash of $260,000 in bonds issued by the U.S. government. Commissions of $3,000 are paid on ts transaction. Incurred permanent repairs of $7,000 so that the property can be rented. Payment is made immediately. Received dividends of $4,000. Of ts amount, $1,000 had been declared prior to the creation of the trust fund. Paid insurance expense of $2,000 on the rental property. Received rental income of $8,000. Paid $4,000 from the trust for trustee services rendered. Conveyed cash of $5,000 to Edward Albemarle.

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