150.The City of Dundee received a gift of $705,000 from a local resident on April 1, 2014 and signed an agreement that the funds would be invested permanently and that the income would be used to...

150.The City of Dundee received a gift of $705,000 from a local resident on April 1, 2014 and signed an agreement that the funds would be invested permanently and that the income would be used to maintain the city cemetery. The following transactions took place during the year ended December 31, 2014.

A. Record the transactions on the books of the Cemetery Perpetual Care Fund.

B. Prepare a separate Statement of Revenues, Expenditures, and Changes in Fund Balances for the Cemetery Perpetual Care Fund for the Year Ended December 31, 2014.