(Journal entries for an Investment Trust Fund)

Prepare the journal entries to record the following transactions in an Investment Trust Fund.

1. Turtle Creek and Pineview contributed $\$ 50,000$ and $\$ 30,000$, respectively, to an investment trust fund operated by Seggen County during 2004.

2. Investments totaling $\$ 75,000$ were purchased.

3. Income from the investments during the year totaled $\$ 8,000$.

4. The fund paid $\$ 1,500$ to the county for investment management fees.

5. The investments increased in value by $\$ 3,000$.

6. Income of $\$ 6,000$ is paid to the two cities based on the relative amount of their initial investment.