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. At 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. For the year ended June 30, 20X9, what amount should the trust fund report as investment earnings on
the statement of revenues, expenses, and changes in fund balance?
A. $68,000
B. $78,000
C. $60,000
D. $70,000
Answer: B
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