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Modern Advanced Accounting
Hastings College pooled the individual investments of three of its

Hastings College pooled the individual investments of three of its funds on December 31, 2019. The recorded

Question:

Hastings College pooled the individual investments of three of its funds on December 31, 2019. The recorded value and the fair market value of the investments on December 31, 2019, are presented here:

During 2020, the investment pool earned dividends of $12,000 and interest of $18,000 and distributed cash in these amounts to the respective funds. Realized gains on transactions of the investment pool amounted to $20,000 and were reinvested in securities held in the pool.

Required:

Prepare the journal entries that are necessary in the records of each of the funds to account for the earnings of the investment pool during 2020.

Transcribed Image Text:

Fair Value Recorded Value $121,000 128,000 Loan fund $105,000 147,000 168,000 Quasi-endowment fund Life income fund 151,000 Total $400,000 $420,000

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Advanced Accounting

ISBN: 978-1119373209

7th edition

Authors: Debra C. Jeter, Paul K. Chaney

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Question Posted: Feb 20, 2020 10:19 AM

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