Question
As of January 1, 2013, the Baber School District notifies the pool it needs to withdraw $1,000,000 cash from the pool, so the pool management
As of January 1, 2013, the Baber School District notifies the pool it needs to withdraw $1,000,000 cash from the pool, so the pool management sells investments to obtain $700,000 cash. The investments sold had been carried in the Investment Trust Fund accounts at July 1, 2012, fair value of $672,000.
(a) Show the entry for the sale of investments by the pool on January 2, 2013.
Additional Requirements
Other Requirements: (b) Show the entry for the distribution of the gain on investments sold.
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As of January 1 2013 the Baber School District notifies the pool it need...
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
