The City of Warwick received $4,000,000 from one of its most prominent citizens during the year ended June 30, 20X9. The donor stipulated that the $4,000,000 be invested permanently, and that interest and dividends earned on the investments be used to support the homeless people of Warwick. During the year ended June 30, 20X9, dividends received from stock investments amounted to $20,000, while interest received from bond investments amounted to $40,000. On June 30, 20X9, $10,000 of interest was earned, but it will not be received until July of 20X9. The fair value of the securities in which the $4,000,000 was invested had increased $8,000 by June 30, 20X9.
Refer to the above information. On the statement of fiduciary net assets at June 30, 20X9, the nonexpendable trust fund should report investments and interest receivable of:
Investments Interest Receivable
1. $ 4,000,000 $10,000
2. $4,008,000 $10,000
3. $4,008,000 $0
4. $4,000,000 $0
a. Option 1
b. Option 2
c. Option 3
d. Option 4

The answer is B(Option 2).

Explanation:

It should be noted that in the statement of the fiduciary net assets, the investment will be quoted at current market value. Based on the question, the value of the investment of $4,000,000 has increased by $8,000 and this will bring the value of the investment to:

$4000000 + $8000 = $4,008,000.

Also, the interest receivable which is $10,000 is to be booked as the earning whether realization is done in cash or without cash since the interest belongs to the period which ended June20, 20X9. Because interest is not yet gotten in cash as at June 30, interest will appear as interest receivable under the current assets.

Both $4,008,000 of investment and the interest receivable of $10,000 will therefore be reported on the statement of Fiduciary as a non-expandable trust fund.

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